Gilead Sciences continues to pull back today, but one big option trade is looking for a floor in shares of the biopharmaceutical company.
optionMONSTER systems show that this morning's volume in GILD is dominated by one trade in the July 45 puts, where 10,000 contracts went for the bid price of $1. This is clearly a new position, as the strike's open interest was just 73 before the trade appeared.
The put selling is a bet that GILD will hold above $45 through expiration in mid-July. The trader is also showing a willingness to buy the shares if they fall below that strike price. (See our Education section)
GILD is down 1.22 percent to $50.02 this morning. It hit an all-time high of $55.16 last week, more than double its 52-week low from last June.
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