đź’Š IBB Ticks Up as Gilead Gains FDA Nod for Groundbreaking HIV Prevention Shot | Biotech Sector Insights
(IBB) rose, buoyed by Gilead’s +2.1% jump after FDA approval of the first twice-yearly HIV prevention drug. Other IBB gainers include Regeneron, Vertex, and Sarepta, as markets absorb tariff risks and surging silver prices.
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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Monday, July 14
IBB [+0.3%]
iShares Biotechnology ETF
The iShares Biotechnology ETF (IBB) has seen a price increase of 0.3% since Friday. Notably, Gilead Sciences Inc. has emerged as a top contributor to the ETF's performance, following the announcement of positive Phase 3 trial data for its HIV prevention drug, lenacapavir, which has received FDA approval. This news may bolster confidence in Gilead's prospects, as it partners with The Global Fund to distribute the drug at no profit. Other contributors include Regeneron Pharmaceuticals, Vertex Pharmaceuticals, Sarepta Therapeutics, and RNA Therapeutics. Meanwhile, President Trump’s recent announcement of a 30% tariff on imports from the European Union and Mexico could affect healthcare companies within IBB's portfolio by increasing operational costs. Additionally, silver prices have surged, potentially benefiting biotechnology firms that rely on precious metals for certain applications. Conversations on social media highlighted a lack of discussion regarding the performance of INKT and its implications for both XBI and IBB.