Almost text book trading, bounced off 50 % retracement, bounce up to gap from earnings miss, then next leg down to 85, 61.8 % retracement level. Folks interested in trading should study this; it's an important lesson.
Earnings were bad, but the miss was not so large to justify the large gap down.
I think Gilead's inaction to fill the earnings gap from increased competition and increased discounts is getting priced in. With the cash on hand investor's would like to see a clear path to maintain the current earnings levels.
I'm a long term investor, have been in Gilead for ten years, and will hold another ten, at least. Got quite a few shares, and of course it hurt,
You're correct, the average estimate target price already came down to 125. Obviously the gentleman above hasn't experienced earnings drying off with the subsequent share price drop. Watch and learn. Investing in markets is very expensive until you learned your lessons...