US drugmakers rise as Trump plans broad drug price cuts in executive order

Shares of U.S. drugmakers reverse course, rise between 1.5% and 5%

*President Donald Trump plans to sign wide-reaching executive order directing drugmakers to lower prices of medicines to align with what other countries pay

White House officials say government will give drugmakers price targets in next 30 days

Shares of Bristol Myers Squibb BMY.N up 1.5%, Merck MRK.N up 4.1%, Amgen AMGN.N up 1.9%, Gilead GILD.O up 4.9% and Pfizer PFE.N up 2.5%

"While we believe an executive order is a quicker route for Trump to implement, this will be challenged by Biopharma, which could take months to a year to play out, in our view," brokerage UBS says

Including session moves, LLY down 5.1%, BMY down 15.9%, MRK down 20.6%, AMGN up 4.9%, GILD up 9.8% and PFE down 14% YTD