Home Breaking News Biotech stocks rally, ETF on track for third straight daily gain

Biotech stocks rally, ETF on track for third straight daily gain

27
SHARE


Biotechnology stocks rallied on Wednesday, with one of the biggest exchange-traded funds dedicated to the sector on track for its third straight daily advance. The iShares Nasdaq Biotechnology ETF












IBB, +2.26%










gained 1.3%, bringing its week-to-date rise to 3.6%. Among the biggest gainers in the sector, Gilead Sciences Inc.












GILD, +5.47%










popped 5.6%, bringing its gain over the past three months to 23.7%. The stock is on track for its largest percentage gain since November, as well as its highest close since September 2016. Separately, Incyte Corp.












INCY, +9.43%










added 4.5% while BioMarin Pharmaceutical Inc.












BMRN, +6.94%










advanced 4.8%. Biogen Inc.












BIIB, +3.67%










gained 2.4% while Regeneron Pharmaceuticals Inc.












REGN, +2.90%










was up 2%. On the downside within the pharmaceutical sector, U.S.-listed shares of Novartis AG












NVS, -0.75%










were down 1%. The company’s CAR-T cell therapy was approved by the Food and Drug Administration on Wednesday, making it the first gene therapy to be available in the U.S.

Read the full story:
Novartis’ CAR-T gene therapy, the first approved by FDA, to be priced based on cancer patients’ outcomes



Source link