Express Scripts stock tumbles 9% after short-seller's 'take-down' tweet

Citron Research's tweet suggesting President-elect Donald Trump begin his war on drug pricing with pharmacy benefit manager Express Scripts caused the company's stock to fall as much as 9 percent Thursday, reports Investor's Business Daily.

In a string of tweets, Citron referred to Express Scripts as the "Philidor of the pharma industry." Philidor is a specialty pharmacy accused of using aggressive tactics and trickery to drive up reimbursements from insurers for costly medications.

The remarks from Citron come after President-elect Trump revealed his intentions to "bring down drug prices" during an interview with Time.

Andrew Left is the activist short seller, author and editor behind online investment newsletter Citron Research.

In response to the tweets, an Express Scripts spokesperson told Investor's Business Daily, "We're nothing like Philidor. As you may recall, we removed Philidor from our network more than a year ago."

The spokesperson added Express Scripts was "a market force that uniquely puts medicine within reach by driving down cost of care and improving health outcomes."

 

 

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