Traders See Bumpy Road Ahead For Gilead Sciences

Gilead Sciences, Inc. GILD climbed on Wednesday, even as the S&P 500 ended the day with losses.

On CNBC's "Options Action," Tony Zhang said that Gilead Sciences traded nearly 2.5 times its average daily volume on Thursday.

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There was a buyer of more than 11,000 of the September 62.5 calls at $2.43 per contract on average, Zhang mentioned. The trader “clearly sees very limited upside for Gilead,” he added. The seller expects shares of Gilead Sciences to remain below $62.50 by September expiration.