Drug company stocks are soaring
Drug stocks are soaring Wednesday, after Democratic presidential candidate Hillary Clinton, who had outlined plans to to curb drug price increases was defeated by Republican Donald Trump.
Biotech investors had been skittish about what a Clinton presidency would mean, and she often sent drugmakers' stocks falling with her comments. Trump has been less focused on the issue of drug pricing, though he has suggested the US import cheaper drugs and called for Medicare to be able to negotiate drug prices.
The news, coupled with the defeat of a California ballot measure that would have limited prices on some prescriptions in the state, has sent shares of the drug industry soaring. The NASDAQ biotechnology index was up 8% early Wednesday.
The top 10 companies that donated to the California ballot measure are all up. Here's a rundown:
- Merck & Co. - 6.5%
- Pfizer - 11%
- Johnson & Johnson - 4.4%
- Amgen - 10%
- AbbVie - 9.6%
- Sanofi-Aventis - 4.6%
- AstraZeneca -3.6%
- Allergan - 11.43%
- Novartis - 4%
- GlaxoSmithKline -3.4%