Hillary Clinton sure isn’t looking to pick up the biotech vote. Earlier today, the Democratic front-runner sent stocks in the biotech sector sharply lower when she made comments that she will outline plans to combat what she calls “outrageous” pricing for specialty drugs. While her tweet was directed specifically at this story, on Sunday Mrs. Clinton told Face the Nation that she would outline a plan to “control the cost of skyrocketing prescription drugs.” Her tweet Monday morning quickly sent the Nasdaq Biotech index from a minor intraday gain to a loss of nearly 5%!
To show just how much of an impact Mrs. Clinton’s comments have had on the biotech sector, take a look at the worst performing stocks in the Nasdaq 100 so far today. As of 2PM, nine of the ten worst performers were part of the Drugs & Biotech group. If your company name has terms like “bio” “pharma” or “sciences” in it, the odds are it’s down on the day. If it wasn’t for biotech, the overall market would be looking a whole lot better.