UPDATE: Analyst Mark Schoenebaum Discusses Gilead Sciences on CNBC

Analyst Mark Schoenebaum is on CNBC Talking About Gilead Sciences

. The company's hepatitis C drug study results were disappointing and stock is currently down nearly 15 percent. The company said majority of the patients viral relapse within four weeks of completing 12 weeks of treatment with GS-7977 plus ribavirin. The drug research conducted by Pharmasset that was acquired by Gilead last fall. Schoenebaum mentioned that in a perfect world Gilead should have waited until the release of study results, but also said that this would have given an opportunity for the company's competitors to step in and acquire Pharmasset. Gilead said it is still awaiting data for treatment-naive genotype 1 patients.