Gilead Sciences (NASDAQ:GILD) Undervalued on HCV Pipeline Says Needham

Gilead Sciences (NASDAQ:GILD) is considered to be undervalued according to Needham & Company, which says their growing presence in the HCV space and strong balance sheet isn't appreciated.

Needham says, "Concerns around long-term growth have been an issue for the stock. We believe pipeline progression with both HIV and HCV programs in 2011 may restore investor enthusiasm. Gilead is now more relevant in the HCV space and given its balance sheet, deep clinical HCV pipeline, and expertise with combination antiviral therapy, has the potential to surpass competitors in the space. The stock is undervalued in our view and we reiterate our rating."

Needham & Company reiterates a "Buy" on Gilead Sciences, which was trading at $37.66, gaining $0.13, or 0.35 percent, as of 12:02 PM EST. Needham has a price target of $48 on Gilead.