Drugmakers slip after Trump letter asks them to slash prices

Several drugmakers are dipping after President Trump sent a letter to the CEOs of 17 large pharma companies demanding they cut prices for US patients within the next 60 days.

The companies that received the letter include Eli Lilly, Pfizer, Novo Nordisk, and others. It follows a May executive order that directed drugmakers to lower their prices in America to the lowest amount paid by other countries for patients on government-sponsored healthcare, and, eventually, on all new drugs.

The drugmakers proposals so far, Trump said, “promised more of the same: shifting blame and requesting policy changes that would result in billions of dollars in handouts to the industry.” Trump said he will “deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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