Why Gilead Sciences, Inc. Stock Plunged as Much as 14% in December

January 5, 2015 5:55 PM

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Why Gilead Sciences, Inc. Stock Plunged as Much as 14% in December

What: Shares of biotech giant Gilead Sciences (NASDAQ: GILD ) went for a wild ride in December, losing as much as 14% of their value (based on where it began the month) in just a matter of two days, based on data from S&P Capital IQ, after its rival AbbVie (NYSE: ABBV ) made a long-term agreement with Express Scripts (NASDAQ: ESRX ) .

So what: Gilead Sciences' claim to fame in 2014 was the approval of Sovaldi and Harvoni (a cocktail drug comprised of Sovaldi and ledipasvir) to treat hepatitis C. These drugs are a major step forward in terms of patient quality of care in that Harvoni can be administered to HCV genotype 1 patients ...

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