Gilead Sciences Inc.(NASDAQ: GILD) stocks rose after several reports disclosed that UK-drugmaker AstraZeneca (NYSE: AZN) is in talks with Gilead Sciences for the potential merger.
It was also disclosed that there are no formal talks between the two companies. Gilead Sciences is currently not interested in merging or selling.
If the rumors between two companies would be true then this is the biggest merger of drugmakers. Shares of AstraZeneca dropped after the merger reports.
AstraZeneca shares dropped 2.84% at $52.32 during the trading session on Monday. It has a trading volume of 2.06 million as contrasted to the 3-months average volume of 5.36 million.
It has a day low range of 52.28 and a day high range of 53.00. AstraZeneca has a 52-weeks low range of 36.15 and 52-weeks high range of 57.44.
On the other side, Gilead Sciences stocks shot up 1.07% at $77.57 during the trading session on Monday. GILD has a day low and high range of 77.54-79.31, respectively.
It has recorded a drop of -9.77% from its 52-weeks low and moved up 27.39% from its 52-weeks high. It has a total market capitalization of 97.26 billion.
Sources disclosed that UK-drug maker AstraZeneca has approached Gilead Sciences about their potential merger. Investors attracted to Gilead Sciences after its drug remdesivir has shown a positive result in the treatment of COVID-19 patients.