đź’Š Biotech ETF Rises on Global Regulatory Wins and Retail Sales Beat | Biotech Sector Insights
(IBB) rose 0.8% as positive regulatory developments and supportive macro data boosted sector sentiment. ImmunityBio’s ANKTIVA received approval from the Saudi Food and Drug Authority. Gains among major holdings, including Gilead, Amgen, Moderna, Incyte, and Sarepta, further supported the ETF.
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Wednesday, January 14
IBB [+0.8%]
iShares Biotechnology ETF
The iShares Biotechnology ETF (IBB) has seen a price increase of 0.8% since Tuesday. This movement coincides with the recent approval of ImmunityBio's ANKTIVA for bladder cancer by the Saudi Food and Drug Authority, which follows similar approvals in the U.S., U.K., and EU. The company is also planning to establish a regional office in Saudi Arabia and collaborate with BioPharma Cigalah, indicating an expansion in the Middle East and North Africa. Additionally, social media discussions highlight a report from the American Cancer Society stating that the 5-year survival rate for all cancers has risen to 70%. Among IBB's holdings, notable contributors included GILD, AMGN, MRNA, INCY, and SRPT, which all reported positive returns. The ETF also reacted positively to stronger-than-expected U.S. retail sales data, with a notable increase in retail sales month-over-month.