Health and Healthcare

Day Trader Alert: Gilead Sciences (GILD)

Gilead_logoGilead 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

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.