To add insult to injury, the stock just got hit with another downgrade from Argus — who dropped the stock from Buy to Hold — citing concerns the company is increasing R&D spending on the new CART-T therapies the company acquired when it bought Kite Pharma at the same time its blockbuster hepatitis C and HIV products are seeing declining sales. These concerns, coupled with the general pricing pressure the market is applying to biotechnology stocks, are likely to push GILD lower.