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Gilead (GILD) Stock Plunges as Maxim Downgrades on Weak Q1 Earnings

NEW YORK (TheStreet) -- Gilead Sciences (GILD - Get Report) stock is tumbling by 8.48% to $88.78 on heavy trading volume this morning, following a ratings downgrade to "hold" from "buy" at Maxim.

The firm removed its $107 price target on the stock.

After yesterday's market close, the biopharmaceutical company reported 2016 first quarter earnings of $3.03 per share on revenue of $7.79 billion. Analysts were looking for earnings of $3.15 per share on revenue of $8.12 billion.

The company was negatively impacted as revenue from its hepatitis C drugs declined by 5.6% amid weaker-than-expected sales of the Harvoni and Sovaldi treatments.

But Gilead...