There has been a seven-day selloff of U.S. biotechnology pharmaceutical stocks in the past week. Some in the industry say it was overdone and are already eyeing bargains such as Gilead Sciences Inc. and Amgen Inc.
Gilead has drawn negative press for it’s $84,000 Sovaldi Hepatitis C drug regimen. In Egypt, the same thing is reportedly sold for $900.
Reuters writes that the Nasdaq Biotechnology index .NBI has fallen 18.7 percent over the last seven sessions. Investors took flight from bio-tech stocks after Hillary Clinton vowed on September 21st to take steps to curb high drug prices. Since its July 20th high, the index has fallen around 27 percent.
The selloff was exacerbated by general market volatility as investors have been grappling with concerns over the global economy.
Bio-tech stocks had risen 31 percent this year to their July high after annual increases for the last six years. They were also looking to be sold because they had become “richly valued,” states Reuters.