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Philadelphia-area biotech, specialty pharmaceutical and generic drug company stocks got hammered Wednesday after President-elect Donald Trump criticized the industry for manufacturing drugs outside of the U.S. and charging excessive prices. “We’re the largest buyer of drugs in the world, but we don’t bid properly, and we’ll save billions over time and we’ll do that with a lot of other industries,” Trump said at his first news conference since July. Among the local drug company stocks taking the biggest hits Wednesday were Discovery Labs (DSCO), which dropped more than 9 percent in mid-afternoon trading, and Endo International (ENDP).
Several investors chose to cash in at current valuations thereby triggering a sell-off and exerting downward pressure on many fundamentally attractive stocks.
Discovery Laboratories, Inc. (DSCO) announced that it has initiated a phase IIb study.