Why CVS Health Corp., Rite Aid Corporation, and Walgreens Boots Alliance Inc. Stocks Tanked Today
An acquisition by Amazon causes worries for investors in these three major pharmacy chains.
Here’s What Analysts Are Saying About Amazon Buying PillPack
Amazon.com Inc.'s plans to buy online pharmacy PillPack sent shock waves through the health-care sector. Stocks tumbled and mounting investor fears led Evercore ISI to compare the situation to a scene from “Game of Thrones.” While speculation about Amazon entering the health-care space has plagued the sector for months, Robert W. Baird & Co. called the PillPack news “a full frontal attack” on companies whose valuations were already near historical lows. Amazon buying PillPack is “a full frontal attack” on the health-care space.
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Amazon to buy PillPack in potentially disruptive drug retail push
The potential of Amazon's (AMZN.O) move to disrupt major players across the drug supply chain on a nationwide level prompted a selloff in shares of potential future rivals, while sending its own shares up 2 percent. PillPack supplies pre-sorted prescription drugs and other services for people who take multiple medications, a growing market as the U.S. population ages and requires treatment for multiple complex, chronic conditions.
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