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Here's How Large Option Traders Are Playing Gilead Following Latest COVID-19 Trial Data

Shares of Gilead Sciences, Inc. (NASDAQ: GILD) traded lower by 4% on Thursday amid broad market weakness following a spike in U.S. coronavirus cases.Gilead's remdesivir is one of the most advanced potential treatments for COVID-19, but several options traders made large bets on Thursday that the stock is headed lower.The Gilead TradesOn Thursday, Benzinga Pro subscribers received nine alerts related to unusually large Gilead option trades. Here are the largest: * At 9:33 a.m. ET, a trader sold 1,000 Gilead call options with a $75 strike price expiring on June 19. The contracts were sold near the bid price at $2.11 and represented a $211,000 bearish bet. * At 9:34 a.m. ET, a trader sold another 1,309 of the same Gilead call options with a $75 strike price expiring on June 19. The contracts were sold near the bid price at $1.87 and represented a $244,783 bearish bet. * At 10:19...