Gilead Sciences, Inc. (NASDAQ: GILD) wasn’t off to the strongest of days in the market today, at least not early on. The stock took an early morning dive and has been in the red since. However, minutes ago, the stock started spiking toward the green as the result of a takeover rumor. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (10:01), GILD is trading at $64.41 per share after a loss of $0.41 per share (0.63%) thus far today.
GILD Gains On Takeover Rumors
As mentioned above, while Gilead Sciences hasn’t yet made it to the green, it is spiking upward as takeover rumors break. The rumors suggest that Sanofi (SNY) is interested in purchasing the company. However, the rumors are quite vague. There is no insinuation of what the price of the takeover might be, nor when it will happen.
It’s important to keep in mind that takeover rumors are nothing new to the market. In fact, we see them all the time. The truth is that very few of these rumors ever come to fruition. While there’s reason for SNY to be interested in taking GILD over, there is no confirmation from either side. So, if you’re going to trade on this news, be sure to do so with caution!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on GILD and SNY. While the rumor is vague, the takeover proposition does make sense. So, this one could go either way. We’ll continue to follow the story and bring the news to you as it breaks!
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