REUTERS - Shares of U.S.
pharmaceutical and biotechnology companies tumbled on Wednesday after
President-elect Donald Trump said he would "bring down drug
prices."
In a cover article
for Time magazine, which named Trump as Person of the Year, he said "I
don’t like what has happened with drug prices."
Investors initially
hailed Trump's victory as a boon for drug and biotech stocks, with the Nasdaq
Biotech Index .NBI up as much as 12 percent in the two days after the Nov. 8
election.
Investors were
relieved that Trump's rival, Democrat Hillary Clinton, who had been critical of
rising drug prices during the campaign, had not won the White House.
However, the index
has fallen in three of the past four weeks and is down about 10 percent from
its recent peak. On Wednesday, the index fell 3.5 percent to its lowest since
Nov. 8.
The NYSE Arca
Pharmaceutical index of U.S. and European drug-makers .DRG fell 2 percent to a
three-year low.
Among the biggest
large-cap decliners, Celgene Corp (CELG.O)
dropped 4.8 percent and AbbVie (ABBV.N)
fell 4.5 percent.
REUTERS
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