GILD has cooled off sharply in the last few weeks
Pharmaceutical stock Gilead Sciences Inc (NASDAQ:GILD) is down 2.6% at $107.34, after news that domestic HIV prevention is under review by the Trump administration, and the Health and Human Services Department could significantly cut funds. Gilead makes and manufactures several drugs to treat HIV and AIDS.
On the charts, GILD has been pulling back since its recent March 10 nine-year high of $119.96, now headed for its seventh loss in eight sessions. Trading at its lowest level since mid-February, the equity remains up 46.2% year-over-year and 16.3% year-to-date.
Options bears are targeting GILD after the news, with 3,000 puts exchanged so far today, representing double the amount typically seen at this point. The March 103 put is the most popular, with new positions being bought to open there.
Puts have been more popular than usual leading up to today, too. GILD's 10-day put/call volume ratio of 0.95 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 99% of readings from the past year.