Investors call the stock a “dying” stock and are calling it a “potentially catastrophic flop.”
Gileads shares closed down 0.4% at $11.05 on Wednesday after the company announced the death of its second chief executive officer and an executive in India.
The company also announced on Tuesday that it would no longer have any additional employees at its India office and that the entire company will be shut down.
Gilead said in a statement that it will close its Indian office, but it will not be “deactivated” and will continue to provide “services to the Gileady team.”
The company said it will continue operations at its European headquarters.
Gileadex said it had raised $4 billion in funding and would use that money to continue the company’s growth in the United States and the rest of the world.
The stock has rallied more than 20% over the last year and the company expects to continue that growth.
The stock has climbed by nearly 50% since it closed at $10.06 on March 19, 2017.
Gilenea Therapeutics, the maker of the arthritis drug Oxacillin, said on Tuesday it will stop selling GileADs in India and will be “restructuring” its business.
GILENEA shares closed at a record high of $15.10, but they fell by more than 50% in after-hours trading.
The move was seen as a sign that India’s healthcare system is not coping with the drug’s effects.
The Indian government says GileAds is safe and effective for treating Crohn’s disease and that there is no evidence that the drugs caused the outbreak.
Gilenead’s chief executive, Joseph Tullock, is also from the United Kingdom.GILENEAD shares have lost over 90% of their value since they closed at nearly $14 per share on March 14, 2017 and are down more than 70% in the last two years.
They closed Wednesday at $9.10.
Giles stock was last traded at $15 on March 21, 2017, but its market cap is just under $7 billion.