Did Clinton Tweet Send Local Biotechs Down?

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Democratic presidential candidate Hillary Clinton may have to shoulder the blame for the hit taken by local biotech stocks on Monday.

More than half of the companies in the sector on the LABJ Stock Index finished the trading day at a loss, tracking a broader sector decline that saw the Nasdaq Biotechnology Index shed 164 points to close at 3,568.

Of the 10 local decliners, Monrovia drug developer Xencor Inc.’s shares dropped the most, shedding 9.26 percent to close at $16.96.

The culprit may have been an early morning tweet from Clinton. She shared a link to a New York Times story about a 62-year-old drug that jumped to $750 a tablet from $13.50 after recently being acquired by New York biotech firm Turing Pharmaceuticals.

“Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on,” Clinton tweeted. Shortly after sharing her thoughts on social media, the Nasdaq Biotechnology Index fell precipitously.

Only six local stocks escaped the landslide, including Century City drug developer Ritter Pharmaceuticals Inc., which soared 19.4 percent to $2.99, its second straight day of increases.

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