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Voting for the U.S. presidential election is underway and one group of investors couldn't be more relieved that the end is in sight.
As noted by Gadfly's Max Nisen, the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ: IBB) has fallen 23 percent year-to-date while the Bloomberg Intelligence's big pharma index is down nearly 11 percent over the same time period.
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The notable losses relative to the overall market can be attributed to the seemingly non-stop criticism of drug policies among presidential candidates, which resulted in an overall negative sentiment for the sector.
Nisen singled out Valeant Pharmaceuticals Intl Inc (NYSE: VRX) and Mylan NV (NASDAQ: MYL) as two companies whose stock price can tumble on just one single Tweet.
Isn't Clinton Bad News For Big Pharma?
Regardless of who wins the race for the White House, Nisen believes the result itself will be a relief for investors. As it stands, a Hillary Clinton win coupled with a split or still-Republican Congress will lower the likelihood of any substantive drug pricing legislation.
Nisen added there likely isn't another Valeant-sized giant that can "blow up" in a similar fashion to Valeant's 90 percent decline over the past 15 months.
Bottom line, the election should add some clarity, not necessarily relief or support for pharmaceutical stocks.
"The bubble highs of 2015 likely won't be back soon," Nisen concluded. "But these stocks should have smoother sailing heading into 2017."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.