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
gained 1.3%, bringing its week-to-date rise to 3.6%. Among the biggest gainers in the sector, Gilead Sciences Inc.
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.
added 4.5% while BioMarin Pharmaceutical Inc.
advanced 4.8%. Biogen Inc.
gained 2.4% while Regeneron Pharmaceuticals Inc.
was up 2%. On the downside within the pharmaceutical sector, U.S.-listed shares of Novartis AG
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.