NEW YORK (TheStreet) -- Shares of Gilead Sciences Inc. (GILD) closed down 4.0% to $68.55 in trading Friday. Gilead's stock has been steadily dropping this week since its Wednesday high of $74.83 and is down 19% since late February.
Sales of company's breakthrough hepatitis C drug treatment, Sovaldi, fell 5% this week according to RBC Capital Markets. The company's stock has been hampered by an investigation by U.S. lawmakers as to why the drug is prohibitively expensive. The drug treatment costs $1,000 per pill or $84,000 for a 12 week treatment program.
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It wasn't all bad news for the biotech company Friday, however, after the European Medicines Agency accepted the company's application for an accelerated assessment of its once a day fixed-dose hepatitis C treatment.
Acceptance of the request reduced the wait time for approval by two months.
TheStreet Ratings team rates GILEAD SCIENCES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GILEAD SCIENCES INC (GILD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, reasonable valuation levels, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."