Health-care companies saw their stocks shoot through the roof on Wednesday after Republican Donald Trump's shocking White House victory.
Shares of Dow component Pfizer and Mylan rose 7 percent and 4.8 percent Wednesday, respectively. Allergan and Amgen shares followed, gaining more than 8 percent and 5 percent, respectively. The iShares Nasdaq Biotechnology ETF (IBB) skyrocketed, gaining nearly 9 percent on the day, crossing its 50-day moving average level of 278.20 for the first time since early October.
The biotechnology sector has been under pressure over the past year as investors feared a victory from Democratic nominee Hillary Clinton would bring about drug-pricing pressures.
In a Wednesday note, Deutsche Bank analysts said health-care stocks are "likely to rally most near-term," adding they see upside of at least 20 percent within the sector.
Trump shocked the world by beating Clinton in the race for the White House. Trump's success was only part of a larger, crushing victory for the Republican Party, which retained the House and appeared poised to maintain Senate control.