Giliead Sciences (GILD) is up $2.93 to $64.95 in active trading of 10 million shares after JP Morgan raised its price target on the anti-viral drug-developer to $75 from $70. The firm cites Gilead’s Hepatitis C drug program and new HIV medication for the upgrade. The stock is the best gainer in the the S&P 500 and 23,000 options traded on the biotech. 16,000 calls and 7,000 puts so far. At-the-money Sep 65s, which expire at the end of the week, are the most actives. 2,875 changed hands. Nov 69, Nov 62.5, and Sep 67.5 calls are also seeing interest. Jan 37 and 38s are the most active puts. Meanwhile, 30-day implied volatility in GILD jumped 19 percent to 26.5.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.