U.S. equities continue to sit at all-time highs, with financials, transportation, and energy leading the way, while biotech lags. The under-performance isn’t just from biotech/drug developers though, as XLV (SPDR’s Healthcare Select Sector Fund) suffers from a general malaise as well. We view this as largely a result of shifting healthcare policy in the next two years – ACA reform, drug pricing, etc. – and a poor understanding of exactly how these changes will play out. That should begin to clear up in 2017 as the Trump white house puts forth its healthcare agenda.
We received good feedback from members in response to last month’s webinar, in which we focused on actionable data and FDA events into the end of the year (VYGR, PRTO, TXMD, and most notably AKAO).
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