Pharmacy benefit managers fall as Trump signs order to lower US drug prices

** Shares of companies owning pharmacy benefit managers fall after U.S. President Donald Trump signs an executive order to cut prescription drug prices to match those in other high-income nations

** Shares of Cigna CI.N down 6.6%, CVS Health CVS.N falls 4.2% and UnitedHealth UNH.N is down marginally

** PBMs act as middlemen between drug companies and consumers

** "The plan appears to be a push to more direct-to-consumer sales. How that factors into insurance coverage, as it currently sits, and whether this EO would drive consumers to buy prescription drugs outside of insurance is an open-ended question" - brokerage Leerink Partners

** "We also believe PBMs generate the majority of profits as dispensers, so the ultimate impact would likely be a smaller % of total segment profits" - Leerink

** Including session's move, CI up 13.1%, CVS up 43% and UNH down 25.2 YTD