Are Gilead Executives Trading On Insider Information?
As Gilead Sciences Inc. (NASDAQ:GILD) announced a new collaboration with its Indian partners, hundreds of thousands of dollars' worth of insider trades have been made by some of the company's leading officials.
The company announced on August 2, 2012, that it and its partners Mylan Laboratories, Ranbaxy Laboratories Limited and Strides Arcolab would be working together to provide high-quality, low-cost versions of Gilead's HIV medicine and other medications needed around the world.
The company's drug, emtricitabine is recommended by the World Health Organization as the preferred first and second line treatment for HIV. But the drug's high cost has kept it out of the parts where it is needed most.
News of this partnership broke the same day heavy insider trading was reported, with Robin Washington, senior vice president and CFO of Gilead, selling 7,219 shares in late July for a total of $390,530. Gregg Alton, Gilead's executive vice president of corporate and medical affairs, sold 70,000 of his shares on July 27, for a total of $3.85 million.
Do you think these executives know something investors don't?
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