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Shares of Gilead Sciences rise after report on HIV treatments

A scientist at Gilead Sciences analyzes patient antibody levels at the Gilead laboratory in Foster City, Calif.
David Paul Morris | Bloomberg | Getty Images

Shares of Gilead Sciences rose more than 1 percent Tuesday after its stock was upgraded by a firm that cited confidence in the prospects for Gilead's HIV treatments among other factors.

"We see a compelling buying opportunity in GILD at currently-depressed levels," said Jefferies analyst Brian Abrahams, who upgraded the drugmaker to a "buy" from a "hold."

The company has 11 listed, approved HIV treatments on the market, according to its website. Globally, more than 70 million people have been infected with the HIV virus since the beginning of the epidemic, according to the World Health Organization.

A spokesperson for Gilead did not immediately respond to CNBC's request for comment.

With Tuesday's gains, the stock is still down about 23 percent year-to-date.

GILD 2016 Chart