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• If you are wondering whether Gilead Sciences is still reasonably priced after its run in recent years, the valuation story is where things get interesting.

• The share price closed at US$143.93, with returns of 18.4% year to date and 26.0% over the last year, set against shorter term moves of a 3.4% decline over 7 days and a 3.6% decline over 30 days that may hint at changing risk appetite.

• These recent moves are playing out against a backdrop of ongoing attention on large pharmaceutical names and how investors are weighing long term pipelines against current product portfolios. Market…