Gilead’s Chart Scores Another Victory Following a Legal One

GILD gapped higher after a favorable verdict in a patent infringement case

   
Gilead’s Chart Scores Another Victory Following a Legal One

Gilead Sciences (GILD) — This has been a favorite biotech stock of mine since November 2012, when I recommended it near $37.50. I last covered it on July 25, at $90.68, but recent bullish developments warrant an update.

On Friday, it was announced that Gilead received a favorable verdict from an arbitration panel in a patent infringement case with Roche over blockbuster hepatitis C drug Sovaldi.

S&P Capital IQ has a “strong buy” rating on the stock and has steadily increased its earnings estimates and price target, which now stands at $150.

On Friday, GILD gapped higher, and it rose again Monday, confirming that the gap may not be closed. MACD is very bullish, and the stock is under heavy accumulation.

Buy GILD at the market price with a stop-loss at $96. The trading target is being raised from $105 to $120. Investors may want to hold this stock with a longer-term target of $150.

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chart key 300x84 Gileads Chart Scores Another Victory Following a Legal One


Article printed from InvestorPlace Media, http://investorplace.com/2014/08/trade-day-gilead-sciences-gild-9/.

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