Day Trader Alert: Gilead Sciences (GILD)

Health and Healthcare

Published: September 17, 2008 8:03 am

Last Updated: April 27, 2020 7:58 pm

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

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.