Trump drug pricing remarks sink biotech stocks

Biotech stocks slumped Wednesday after Time magazine published an interview with Donald Trump in which the president-elect said he would lower drug prices, without saying how he plans to do so.

The BioCentury 100 Index lost 3.3% on Wednesday, with decliners outnumbering gainers 92-8. Despite the losses, the index ended the day 3% higher than its close at 4,792.80 on Nov. 8, before the presidential election results were known. Biotechs' gains outpaced those in the broader markets in the days following the election (see BioCentury, Nov. 14)...