Pharma's Big Bounceback

S&P 500 industry index pulls out of a rut.

Graphic by Bloomberg Businessweek, source: Bloomberg

U.S. pharmaceutical stocks have rallied this month, pushing the S&P 500 Pharmaceuticals Index toward a level it has struggled to exceed in the past two years, as concern about the government’s move to tamp down drug prices fades. Wolfe technical analyst Rob Ginsberg highlighted the move in a research note Tuesday, pointing out that even large-cap pharmaceutical companies, which have been the steady laggards, are beginning to “exhibit some long overdue momentum” that may continue to accelerate.

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