Why a Clutch of Pharmaceutical and Biotech Stocks Escaped the Market's Swoon on Thursday
As predicted by many analysts, economists, and investors, the sweeping tariffs announced by the Trump administration on Wednesday decimated the stock market on Thursday. Two areas that suffered relatively light damage, however, were pharmaceuticals and biotech. Compared to the S&P 500's (SNPINDEX: ^GSPC) 4.8% tumble, Catalyst Pharmaceuticals' (NASDAQ: CPRX) 1.5% drop was mild, as was Veeva Systems' (NYSE: VEEV) 2% slide.