Promising clinical data has also helped spur the biotech trade, with AbbVie shares up 25% in the past month after the company unveiled strong result from experimental medicines. Johnson & Johnson and Bayer also revealed new data late last month for their blockbuster drug Xarelto.

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Meanwhile, the dearth of news over the high drug prices. There has been nothing out of Washington D.C. after President Donald Trump repeatedly vowed to crack down on high drug prices. The silence may be a shift in priorities as Trump has been busy with a number of political flareups and his promise to push through key initiatives like tax cuts.

Leading Democrats in the Senate have also turned their focus away from bills that would allow Medicare to negotiate drug prices with companies and toward a single-payer health-insurance system. While a single-payer system would be bad for the drug industry, investors are currently safe knowing that this is Congress and it will take years before anything definite is implemented.

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