- Biotech stocks (NASDAQ:IBB) were bullish again today, surging another 4.1% and extending this week's sector gain to 8% as sentiment emerges that the Trump Administration's attempt to rein in drug prices might not be as harmful as originally feared.
- The sentiment got a boost from a NY Times report which cited a draft of an executive order on drug pricing that appears to focus on easing regulatory hurdles for the industry and "largely leaves the drug industry unscathed."
- The draft "is a far cry from what [Trump] said on the campaign trail. I don't see anything there that addresses the drug companies getting away with murder, and it appears that is because pharma has captured the process," Patients for Affordable Drugs founder David Mitchell told the Times.
- Among potentially relevant tickers: PFE, MRK, BMY, NVS, LLY, JNJ, AGN, AMGN, BIIB, VRTX, GILD, ABBV, MYL, MNK, TEVA, PRGO, CELG, VRX.
- ETFs: IBB, XBI, PJP, LABU, BBH, FBT, HQL, XPH, PBE, LABD, IHE, BBC, BBP, PPH, UBIO, ZBIO
- Now read: Pfizer To Lose Exclusivity Of Key Brands
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