Monday, January 21, 2019

Bernie Sanders’ Tweet Causes Big Pharma Company’s Stock to Plummet

Ariad Pharmaceuticals' stock dropped $387 million in just one day.

Bernie Sanders is no stranger to calling out big pharma companies for shady business practices, but now just one tweet from the Vermont Senator has caused a company’s stock to plummet in just a day.

Sanders tweeted the following about Ariad Pharmaceuticals recent price increase on a life-saving drug:

After the tweet was sent, Ariad’s stock price plummeted, losing $387 million in value. The sudden drop was the single largest intraday decline for the company in over a year.

Ariad Pharmaceuticals has raised the price of a life-saving drug used to treat leukemia patients four times over the last year. This was after they had already raised the price twice last year. The drug now costs nearly $200,000 a year.

Sanders is well known for being outspoken against Big Pharma. During his presidential campaign he turned down a campaign donation from Martin Shkreli, the former CEO of Turing Pharmaceuticals, who had raised the price of a drug used to treat AIDS by 5,000 percent overnight. Sanders gave the donation to a health clinic in Washington.

More recently, Sanders attacked Mylan Pharmaceuticals for raising the price of the life-saving EpiPen.

Tell Congress to Regulate Prescription Drug Prices

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