Shares of Gilead Sciences Sink on Concerns Over Pipeline, Price Target Lowered to $38 (GILD)

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July 16, 2010-- Shares of Gilead Sciences, Inc. (NASDAQ:GILD) took a hit earlier Friday, falling 8% to $32.04, reports MarketWatch, pushing the research-based biopharmaceutical company into the lead as a major S&P 500 decliner for the day. Jefferies & Co. lowered the firm's price target from $48 to $38, citing concerns over Gilead's pipeline and rumored competition for its HIV combination therapies. SmarTrend alerted subscribers to take profits in Gilead Sciences on March 26, 2010 at $45.66; since then, the stock fell 29.7%. We are now watching for any positive developments that could result in a new uptrend signal. Gilead Sciences is currently below its 50-day moving average (MA) of $36.07 and below its 200-day MA of $43.20. In the last five trading sessions, the 50-day MA has fallen 1.36%, while the 200-day MA has slid 0.66%. Shares of the company continue to trade down 8.02% Friday afternoon at $32.10.