After Market small spike. I saw a big spike today with GILD, never knew NVS is the reason for GILD spike !
==================================Motley fool said===========================
Gilead Sciences stock gained 7.3% after Swiss drugmaker Novartis (NYSE:NVS) was awarded the first approval by the U.S. Food and Drug Administration (FDA) for a certain type of promising new cancer treatment. While this does not benefit Gilead directly, it does bolster investors’ confidence that the company made the right decision when it acquired Kite Pharma, Inc. (NASDAQ:KITE) on Monday, in a deal valued at $11.9 billion. The new approach, CAR-T cell therapy, is a targeted immunotherapy treatment that recruits the body’s own immune system in the fight against cancer cells. Kite is working on CAR-T therapies similar to the one approved by the FDA.
Some investors had questioned whether Gilead had overpaid, shelling out a nearly 30% premium for the smaller biotech company. Kite is a leader in the cell therapy, and is awaiting regulatory approval for axicabtagene ciloleucel, which would be the first approved treatment for refractory aggressive non-Hodgkin lymphoma (NHL). The win for Novartis goes a long way toward validating that Gilead’s move was the right one.