Drug Price Hike Concerns Spill Over Into Other Pharma Stocks

Shares of Mylan NV (NASDAQ: MYL) have tumbled 10 percent this week, falling from $49.32 to the $43 area over concerns regarding its huge price increase for its EpiPen product.

The entire biotech sector crashed Wednesday, after Democratic Presidential nominee Hillary Clinton and The White House criticized the increase in EpiPen pricing. During Wednesday’s afternoon session alone, the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ: IBB) plunged nearly 4 percent.

Related Link: Biotechs Are Getting Crushed After Clinton And The White House Trash EpiPen Price Hike

The price increase debate appears as if it has instigated the Street to seek out issues that also have outrageously priced drugs. This concern seems to have spilled over into the rest of the Pharma sector.

Below are a handful of other pharma stocks which have made dramatic moves lower Wednesday:

• Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) down 3 percent to $51.61
• Impax Laboratories Inc (NASDAQ: IPXL) trading at $23.94
• Mallinckrodt PLC (NYSE: MNK) down 5.5 percent to $78.53
• Akorn, Inc. (NASDAQ: AKRX) down 5 percent to $28
• Valeant Pharmaceuticals Intl Inc (NYSE: VRX) down 2.7 percent to $30.35
• Novavax, Inc. (NASDAQ: NVAX) down 5 percent to $7.02
• Celldex Therapeutics, Inc. (NASDAQ: CLDX) down 6.6 percent to $3.53