Swing trade idea on Gilead Sciences
I don't actually like Gilead Sciences for a long-term buy and hold, because its earnings have been in a long-term downtrend. There's a case to be made for a swing trade, however. Gilead is now sitting on trend line support in a fairly high-volume range. It's about 25% below its median forward P/E and forward P/S for the last three years. It has been selling off on news that remdesivir has shown no therapeutic value for Covid-19, but it may now rally for a while on news that the FDA has approved it for emergency use in moderate Covid patients anyway.
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