Boston, MA 07/03/2014 (wallstreetpr) – Gilead Sciences, Inc. (NASDAQ:GILD) is a research-based drug company that is engaged in the development and commercialization of medicines. The company is behind the expensive but highly recommended hepatitis C treatment known as Sovaldi. The drug hit the market in January and costs $84,000 for treatment.
A number of insiders have sold the stock of Gilead (NASDAQ:GILD) in their possession at a time when analysts maintain a Buy recommendation on the stock. The notable sellers from within the company include board member Richard James Whitley and CFO Robin L. Washington.
In the latest development, Whitley unloaded 5,000 shares at the average price of $83.65 apiece to fetch about $418,250 in proceeds. The director sold only smaller portion of his holding in the company because he retains more than 15,600 shares directly, which is worth more than $1.3 million.
On his part, Washington sold 10,400 shares at the average price of $83.98 in a transaction that generated more than $873,390 in proceeds.
The insider selling in the company comes at a time when the stock has been through massive gains especially following the success of its hepatitis C treatment, Sovaldi. The stock is up nearly 16 percent so far in 2014.
Good To Own
A majority of analysts covering Gilead Sciences, Inc. (NASDAQ:GILD) recommend the stock for a Buy as they expect the stock to hit $94.91 per share within the next 12 months. The stock currently trades in the region of $87 per share.
The notable bullish firms covering the stock include Morgan Stanley (NYSE:MS), which has an “equal weight” on the stock and a price target of $75 per share. Jefferies Group has a “Buy” recommendation on the stock while Deutsche Bank believes the stock will hit $142 per share in 12 months.
Basis Of Optimism
The wave of optimism sweeping across Gilead Sciences, Inc. (NASDAQ:GILD) is based on the success of the company’s hepatitis treatment and rich product lineup. The company generated $5 billion in revenue in the most recent quarter, beating the consensus estimate at $3.80 billion. The company also smashed EPS expectations in the quarter by perching at $1.48 against $0.85.
