shares of gilead sciences inc gild rallied 32 in premarket trading tuesday after the biopharmaceutical company was upgraded at jp morgan which cited greater clarity on the human immunodeficiency virus hiv iv franchise and an emerging and undervalued oncology or cancer treatment franchise analyst christopher schott raised his rating to overweight after being at neutral for at least the past 2 12 years while raising his stock price target to 80 from 72 at current levels we see gilds hiv business alone supporting the stocks entire market cap schott wrote in a note to clients and with an oncology franchise that we forecast to reach 5 billion in sales by 2030 as well as potential upside to lenacapravir estimates over time we see shares as clearly undervalued at current levels the stock has lost 142 year to date through monday while the ishares biotechnology etf ibb has dropped 219 and the sp 500 spx has lost 228