Gilead Sciences Inc. (NASDAQ: GILD) is trading down this morning.  Goldman Sachs maintained its buy rating on the stock, but took down its price target to $58 from $59.  This report is after a negative complete response letter from FDA regarding aztreonam lysine for cystic fibrosis.  Based upon the response, Goldman Sachs reduced the sales targets for 2008 by $20 million and 2009 by $110 million for the drug despite Gilead’s statement that it continues to work with the FDA on the issue.

The biotech giant is down roughly 4% at $47.70 on more than 36,000 shares.  Its 52-week trading range is $37.17 to $57.63.  While this is well above the 52-week lows, it is also the largest pullback from highs that we have seen over the last year.

Jon C. Ogg
September 17, 2008