Assembly Biosciences Shares Rise as Gilead Vet Takes Helm

Date : 08/07/2019 @ 4:44PM
Source : Dow Jones News
Stock : Assembly Biosciences Inc (ASMB)
Quote : 16.43  0.0 (0.00%) @ 12:00AM

Assembly Biosciences Shares Rise as Gilead Vet Takes Helm

Assembly Biosciences (NASDAQ:ASMB)
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By Colin Kellaher

 

Shares of Assembly Biosciences Inc. (ASMB) rose more than 10% Wednesday after the biotechnology company said former Gilead Sciences Inc. (GILD) research chief John McHutchison has taken the helm as president and CEO.

The South San Francisco, Calif., clinical-stage company, which is developing therapeutics targeting the hepatitis B virus, said Mr. McHutchison has led the research and development of five marketed therapies for chronic hepatitis B and chronic hepatitis C.

Gilead last month said Mr. McHutchison was stepping down as chief scientific officer and head of research and development after nine years with the company.

Analysts at SVB Leerink said Assembly "could not have secured a more qualified candidate and leader," adding that they expect a smooth C-suite transition.

"Dr. McHutchison's expertise in hepatitis drug development, and his standing in the industry, should offer considerable validation that the early clinical signals regarding the potential of Assembly's HBV core inhibitors are indeed suggestive of transformational potential for the drug class," said SVB, which has an "outperform" rating on the stock.

Shares of Assembly recently were up 11.8% to $13.26.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 07, 2019 12:29 ET (16:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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