Last week, three senior members of the House Energy and Commerce Committee caused quite a kerfuffle in the investment community by sending biotech giant Gilead Sciences GILD -0.34% a letter demanding management justify the $84,000 price tag for Sovaldi (sofosbuvir), a recently-approved treatment for chronic hepatitis C (HCV). Sellside notes speculated that generalist investors, after an indiscriminate buying spree this year that further inflated already frothy biotech valuations, were fleeing the sector en masse and without apparent irony for the safety of bank and credit card stocks.
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