Biotech Values

[DewDiligence]

GILD—I think your projected P/E ratios are much too high and that a P/E of 10 is reasonable. There’s a large amount of uncertainty a few years out, particularly in the HIV business.

Moreover, if GILD’s insiders seriously thought the share price would be $180 or even $120 in a year or two, they probably wouldn’t be unloading colossal amounts of stock at the current price.