Stocks for major drug makers jumped out the gate with surprising highs in reaction to Donald Trump’s presidential victory on Tuesday.
This morning several major drug makers saw single digit gains as the New York Stock Exchange opened.
Pharma giant Pfizer is up 8 percent, and drug maker Amgen by 4 percent. Major pharma players Eli Lilly and Novartis are up nearly 4 percent and top generic drug maker Teva is up 8 percent.
Allergan is also up by nearly 9 percent in opening trading.
The opening surge comes despite Trump’s push during the campaign to end a prohibition on Medicare negotiating for lower drug prices. However, his policies on tackling high drug prices did not go as far as his opponent Hillary Clinton.
Pharma also got some good news as a major ballot referendum to introduce price caps in California failed.
