GILD had a strong day on Monday, trading up over a point and a half to close the session at $57.08 after the company received an upgrade from Bank of America Securities. Volume was moderately heavy on Monday, with over 6 million shares of the stock changing hands, compared to a normal daily average volume of over 4.5 million shares traded. After Monday’s upgrade, GILD is within nine points of its 52 week high of $66.20. B of A cites upcoming catalysts, including the probably approval of Truvada/Sustiva as reasons to own the stock right now. B of A raised their target on the stock to $72 and also lifted their Q2 and 2006 earnings per share estimates. Bank of America said that they view recent weakness in the stock as a buying opportunity.
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