Gilead Sciences Stock Drops After Goldman Says "Sell"

GILD stock has been choppy on the charts in recent months

May 28, 2019 at 9:27 AM
facebook X logo linkedin


Goldman Sachs downgraded Gilead Sciences, Inc. (NASDAQ:GILD) to "sell" from "neutral," and slashed its price target by $10 to $60 -- a discount to last Friday's close at $66.89. The brokerage firm said it sees short-term deceleration in the drugmaker's top-line growth, and said it will likely take time for GILD's new CEO to rebuild the company's pipeline.

In reaction, GILD stock is down 2.4% ahead of the bell. It's been a choppy stretch for the shares since skimming a five-year low near the round $60 mark in late December. While the equity rallied all the way back up to $70 by Feb. 1, it's since been stuck beneath a trendline connecting lower highs, though the $62 level has served as a steady floor in recent months.

Sentiment around Wall Street remains upbeat. While the majority of the 20 analysts in coverage still maintain a "strong buy" rating on GILD shares, a slim 1% of its float is dedicated to short interest.

Meanwhile, in the options pits, the June 65 put is home to peak front-month open interest of almost 10,400 contracts. Data from the major options exchanges confirms significant sell-to-open activity here, meaning put writers expect $65 to serve as a short-term floor for Gilead Sciences stock through June options expiration.

 

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!

 

 
 
 


 
 

Rainmaker Ads CGI