There’s blood in the streets, but nobody’s buying.That asshole probably shorted all his competitors as soon as he started to feel the heat.
Biotechnology and pharmaceutical stocks lead the way down during Monday’s broad stock selloff. Endo International (ENDP), Regeneron (REGN) and Mylan (MYL) were among the worst decliners on the S&P 500, falling 10%, 7.5% and 6.3%, respectively.
Health care stocks on the S&P 500 declined 3.8%.
The horror show for the sector’s stocks began a week ago, after Hillary Clinton made overtures about controlling fast-rising drug costs. On Monday, selling accelerated after Democratic lawmakers distributed a letter calling for a subpoena to force Valeant Pharmaceuticals (VRX) to fork over more documents related to price increases for two heart drugs.
Valeant’s shares are listed in Canada, so the stock isn’t a constituent of big U.S. stock indexes. No matter. Concerns about Vertex fueled indiscriminate selling shares of drug makers on record trading volumes.
Disclaimer: I have no positions in any stocks mentioned and do not plan to initiate any in the next 72 hours.