Hillary Clinton yesterday tweeted the above reaction to a New York Times story about drug price gouging. Then this happened:
The former first lady’s comments clearly spooked investors. The iShares Nasdaq Biotechnology ETF (IBB) went from flat on the day before the Clinton tweet to closing down nearly 5%. Biotech stocks helped knock the Nasdaq into the red on what had been an otherwise positive day for U.S. stocks. The nine biggest losers on the Nasdaq 100 were all biotech stocks, led by BioMarin Pharmaceutical (BMRN) and Biogen (BIIB), both of which tumbled 6% apiece. Other big biotech names under pressure include Regeneron Pharmaceuticals (REGN), Gilead Sciences (GILD) and Celgene (CELG). One of the hardest-hit biotech stocks was Retrophin (RTRX), which plummeted 14% on Monday. Retrophin was founded by Shkreli, but he was fired by Retrophin last year and the company has since sued him. Still, investors are clearly worried Shkreli used some of the same strategies that have gotten the attention of Clinton.