Two top Wall Street analysts have called on the White House to remove Robert F. Kennedy Jr. as U.S. Secretary of Health and Human Services due to his “undermining public health” efforts. Josh Schimmer and Eric Schmidt, Cantor Fitzgerald biotechnology analysts, urged President Biden to step in after Dr. Peter Marks’ resignation from the FDA.
The analysts cited Kennedy’s promotion of vaccine skepticism as the reason for their call. They argue that an anti-vaxxer with inadequate training cannot lead a key government agency responsible for regulating vaccines. The SPDR S&P Biotech XBI exchange-traded fund, which tracks biotechnology stocks, has fallen 4.0% on Monday.
Industry leaders, including BIO and PhRMA, have expressed concerns over Marks’ departure. Analysts claim that the administration has already played industry groups to negotiate with them, making it unlikely that they will take action against Kennedy.
The analysts emphasized that their call is not about profits or politics but human lives. They argue that science should be prioritized, and that Kennedy’s actions pose a “slippery slope” for public health. The resignation of Dr. Peter Marks has set off alarm bells in the industry, with experts expressing concern over the impact on vaccine development and scientific standards.
Source: https://www.barrons.com/articles/kennedy-vaccines-hhs-marks-biotech-stocks-38d4a958