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NEW YORK - A director at biotechnology company Gilead Sciences Inc. exercised options for 120,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.
| GILD | 38.28 |  -3.04 |
In a Form 4 filed with the SEC, James M. Denny reported he exercised options for the shares Monday for $3.70 apiece and then sold 96,000 of them the same day for $51.99 to $52.02 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Gilead Sciences is based in Foster City, Calif.
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