Investors eye discounted US healthcare sector as Biden's lead in polls grows

Investors are looking for bargains among healthcare stocks, even as prospect of a Democratic “Blue Sweep” in next month’s elections threatens more volatility for a sector already trading near a historical discount to the broader market.

"For high-quality companies that are trading at reasonable valuations ... there is a strong argument to be made for adding some healthcare exposure to portfolios,” said James Ragan, director of wealth management research at D.A. Davidson. The gap between the sector's P/E ratio and that of the S&P stood at its widest in at least 25 years last month, though it has narrowed in recent weeks.

Any significant drug pricing legislation may need to wait until the pandemic is more contained, as the government relies on the pharmaceutical industry to develop COVID-19 therapies and vaccines. Trump has also vowed to lower drug prices, making the issue arguably less partisan.

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