Hillary Clinton is speaking out harshly against the pharmaceutical industry once again, and the market is taking notice. This time, Clinton is lashing out in response to what she calls “outrageous” price gouging on EpiPens by Mylan NV MYL 0.65%.
According to Clinton’s statement, Mylan’s decision to raise the price of EpiPens by 400 percent in the past several years is out of line.
“I believe that our pharmaceutical and biotech industries can be an incredible source of American innovation, giving us revolutionary treatments for debilitating diseases,” Clinton said in a statement. “But it’s wrong when drug companies put profits ahead of patients, raising prices without justifying the value behind them.”
Clinton then specifically called on Mylan to lower prices on EpiPens (which they did Thursday morning).
Since Clinton’s remarks, Mylan shares are down 4.7 percent and both the iShares NASDAQ: Biotechnology Index (ETF) IBB 0.67% and the SPDR S&P Biotech (ETF) XBI 1.32% are down more than 3 percent.
Levered biotech ETFs Direxion Daily S&P Biotech Bull 3X Shares LABU 3.69% andDirexion Daily S&P Biotech Bear 3X Shares LABD 3.98% have both moved more than 10 percent since Tuesday’s close.
Since Clinton first tweeted about her plan to take on drug price gouging last September, the IBB and the XBI are…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
