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Gilead Sciences, Inc. (NASDAQ:GILD) started climbing higher last week in anticipation of the announcement of the Senate Republicans’ health care bill, in which traders believed they would find good news for biopharmaceutical firms like GILD. This uptrend stalled briefly as a few Senate Republicans have balked at backing the bill, forcing a delay of a vote on the bill until after the July 4 recess, but we believe that consolidation is over.
GILD moved higher once again on Wednesday, and we expect it to continue climbing higher during the next few weeks as Republicans work to update their health care proposal, which is likely to ultimately include provisions that will help boost margins for GILD. Based on the height of the two-day increase that sent the stock from $66 to $71 last week, we expect GILD to make another $5 move higher as it continues climbing up to resistance at $76.
‘Buy to open’ the GILD August 75 Calls (GILD170818C00075000) for a maximum price of $1.50.
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