On a day that's seen the iShares Nasdaq Biotechnology ETF (IBB) rise, shares of Gilead Sciences (GILD) are falling after the biotech giant said a drug trial for the treatment of pancreatic cancer had failed.

RBC's Michael Yee and team say they're "not surprised" by the result:

Shares of Gilead Sciences have dropped 2% to $102.70 at 11:16 a.m....