Little Trump Comment Takes Down Biotech Stocks

Biotech stocks are getting shellacked today due to a Trump comment in Time’s “Person of the Year” edition. It’s quite literally a single comment on drug pricing:

He also suggests that some stock analysts may have misread his intentions. The value of biotechnology stocks, for example, which enjoy large profit margins under current law, rose 9% in the day after Trump’s election, a rally of relief that the price controls Clinton had proposed would not happen. But Trump says his goal has not wavered. “I’m going to bring down drug prices,” he says. “I don’t like what has happened with drug prices.”