Biotechs gain on reports of Trump EO draft

Biotech stocks rose Wednesday following media reports that a draft of President Trump's executive order on drug pricing was largely perceived to be friendly to industry. Investors and traders told BioCentury that they viewed the draft order as less threatening than expected, with some going as far as calling it "benign." The order could remove a significant overhang on biotech stocks, and could lead to increased generalist participation in the biotech sector.

The BioCentury 100 gained 205.62 (3.5%) to 6,052.84 on Wednesday. It has risen 427.98 (7.6%) since Friday's close...