Biotech falls on Clinton ‘price gouging’ comments

The major biotech ETF fell to its lows of the day after Monday morning comments from Democratic presidential hopeful Hillary Clinton saying she would take on “price gouging” in the pharmaceutical industry.

A Sunday New York Times article told of a specialty drug that went from $13.50 to $750 per tablet overnight. Responding on Twitter to this piece, Clinton said she will propose a fix to the situation on Tuesday.

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The iShares Nasdaq Biotechnology ETF (IBB) was trading down more than 1.5 percent midday, taking a visible leg down around the time of the 11:56 a.m. ET tweet by the presidential candidate.

Biotech stocks are among the hottest group of stocks even as the bull market wanes. The ETF is up 27 percent over the last 12 months, compared to a 2 percent decline for the S&P 500 over the same period.

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