đź’Š Biotech Sector Dips as Sarepta Suspends ELEVIDYS Trials; Gilead Rises After Supreme Court HIV Drug Ruling | Biotech Sector Insights
IBB edged lower amid sector-wide pressure following Sarepta Therapeutics' suspension of ELEVIDYS gene therapy trials due to two fatal adverse events. Notable holdings including AMGN, MRNA, also registered losses, offset slightly by Gilead's gains on favorable policy developments.
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Friday, June 27
IBB [-0.4%]
iShares Biotechnology ETF
Sarepta Therapeutics has suspended recruitment and dosing for its ELEVIDYS trials following severe adverse events, including two patient fatalities due to acute liver failure. This development has contributed to significant declines in the biotechnology sector, which may adversely affect the iShares Biotechnology ETF (IBB), given its focus on healthcare equities. Among the ETF's holdings, notable contributors to its performance include AMGN, MRNA, INCY, MTD, and IQV, all of which have experienced declines. Additionally, the Russell 2000 Index has decreased, reflecting broader market sentiment that correlates with IBB's own drop of 0.4%. The ongoing geopolitical tensions between Israel and Iran are easing but do not currently impact IBB directly.