At first I simplified your code a bit ... there is no need to draw rectangles:
cb.Ellipse(boundingBox.Left, boundingBox.Bottom, boundingBox.Right, boundingBox.Top);
cb.Clip();
cb.NewPath();
PdfShading shading = PdfShading.SimpleAxial(writer, 200, 275, 400, 275, BaseColor.YELLOW, BaseColor.DARK_GRAY, true, false);
cb.PaintShading(shading);
PdfShading shading2 = PdfShading.SimpleAxial(writer, 400, 275, 700, 275, BaseColor.DARK_GRAY, BaseColor.RED, false, true);
cb.PaintShading(shading2);
It also leads to

:
PdfShading shading = PdfShading.SimpleAxial(writer, 300, 175, 400, 275, BaseColor.YELLOW, BaseColor.DARK_GRAY, true, false);
cb.PaintShading(shading);
PdfShading shading2 = PdfShading.SimpleAxial(writer, 400, 275, 600, 475, BaseColor.DARK_GRAY, BaseColor.RED, false, true);
cb.PaintShading(shading2);
:

.