Major drug stocks have gotten a lift in the past month, after trailing the overall market in 2020. There could be more upside in the group, which trades at a historically low valuation relative to the S&P 500 index.
Chris Schott, a drug analyst at J.P. Morgan, notes that big drug stocks trade on average for 13.6 times projected 2021 earnings against 21.5 times for the S&P 500 index.
The…
