Selling Pressure Continues For Mylan

Mylan NV MYL has been making the wrong kind of headlines this week. Democratic presidential nominee Hillary Clinton singled out Mylan for its 400 percent increase in the price of EpiPens in recent years.

“It’s wrong when drug companies put profits ahead of patients, raising prices without justifying the value behind them,” Clinton said of Mylan in a statement earlier this week.

Understandably, the market didn’t react favorably to the company being bashed by the woman who could be the next president. Mylan shares are now down more than 13 percent in the last five trading sessions.

Mylan CEO Heather Bresch went on CNBC Thursday to attempt damage control, but she struggled to justify the price hikes.

“As a mother, I can assure you, the last thing that we would ever want is no one to have their EpiPen due to price,” Bresch said.

Related Link: Biotechs Are Down 17% Since Clinton First Put Industry On Blast Last September

Mylan also announced increased rebates on EpiPens for qualified customers, but Clinton is not satisfied.

“Discounts for selected customers without lowering the overall price of EpiPens are insufficient because the excessive price will likely be passed on through higher insurance premiums,” Clinton campaign spokesperson Tyrone Gayle explained.

Mylan’s stock has plummeted from as high as $50.40 earlier in the month to a Thursday close of $42.85. Traders looking to buy the dip, and 2014 buyers looking to cash out gains have so far been given little opportunity to do so this week. Any intra-day bounces have been met with heavy selling pressure.

The stock may still have significant downside before its hits technical support. Mylan has found support in the $38–$40 range several times in the past six months.

At time of writing Friday, Mylan was seen trading at $43.56, up 1.66 percent on the day.

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