Drugmaker selloff intensifies on D.C. pricing headwinds

|About: AbbVie Inc. (ABBV)|By:, SA News Editor

Investors in biotechs and biopharma firms appear to have intensified their profit-taking after the Q1 run-up, stoked, no doubt, from the sour mood in Congress over high drug prices and the Trump administration's stated priority to tackle the problem.

The SPDR S&P Biotech ETF (XBI -4.6%) is down on almost 75% higher volume while the SPDR S&P Pharmaceuticals ETF (XPH -3.2%) is down on almost 33% higher volume (albeit on turnover of only 72K shares). Johnson & Johnson (JNJ +1.4%) is the only one above water.

Selected tickers: Biogen (BIIB -1%); Amgen (AMGN -2.2%); AbbVie (ABBV -2.7%); Allergan (AGN -4.1%); Bristol-Myers Squibb (BMY -0.7%); Merck (MRK -3%); Eli Lilly (LLY -2.5%); Pfizer (PFE -2.4%); Teva Pharmaceutical Industries (TEVA -3.2%); GlaxoSmithKline (GSK -0.4%); Novartis (NVS -2.2%); AstraZeneca (AZN -0.7%); Bausch Health (BHC -3.4%); Vertex Pharmaceuticals (VRTX -5.3%); Gilead Sciences (GILD -1.7%); Seattle Genetics (SGEN -5%); CRISPR Therapeutics (CRSP -8.1%); Editas Medicine (EDIT -5.6%); Intellia Therapeutics (NTLA -7.9%); Regeneron Pharmaceuticals (REGN -5%); Incyte (INCY -3.1%); Intrexon (XON -10.7%); Alexion Pharmaceuticals (ALXN -7.1%); BioMarin Pharmaceutical (BMRN -6%)

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