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Here are 4 biotech stocks to buy amid the election-driven carnage, Jefferies says

A scientist at Gilead Sciences analyzes patient antibody levels at the Gilead laboratory in Foster City, Calif.
David Paul Morris | Bloomberg | Getty Images

Jefferies told investors to buy select biotech names during this pre-election plunge due to attractive valuations and solid fundamentals.

"Though biotech volatility will likely continue into the election, at near-historic low multiples and with HC policy concerns valid but likely overstated, we see buying opp'ties," analyst Brian Abrahams wrote in a note to clients Tuesday.

"Biotech multiple [is] even more discounted vs. S&P since our last check — history suggests additional downside may be limited."

The iShares NASDAQ Biotechnology ETF is down 21.5 percent this year and has fallen 8 percent for the month as of Monday's close.

Abrahams said Donald Trump's recent troubles are raising concerns about a Democratic congressional sweep, which along with a Hillary Clinton victory could mean "more draconian drug-pricing changes." However, he cited how the average valuation of the four largest biotech companies (Amgen, Biogen, Celgene and Gilead) at 12 times earnings versus the 16.6 times earnings is already discounting the downside political risk.

Here are four buy-rated biotech stocks Jefferies recommends to take advantage of the call.