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Biotech ETF IBB on pace for best weekly gain 7 months

A popular fund used to invest in the biotechnology sector on
Thursday was on track for its best weekly gain in seven months,
according to FactSet data. The iShares Nasdaq Biotechnology ETF

IBB, +1.41%

was up 1.3% on the day and looking at a 9.3% weekly advance,
which would mark its best such gain since the week ended Nov.
11. Gains in the exchange-traded fund were being aided by a 13%
climb in shares of XBiotech Inc.

XBIT,
+19.64%

and a 8% jump in Sangamo Therapeutics Inc. [:
SGMO]. The moves come as the U.S. Senate is soon set to reveal
a health-care bill and as President Donald Trump has talked
about making changes to drug pricing. Health-care stocks

XLV, +0.85%

were the best performer in the S&P 500 index in early
Thursday trade. The S&P 500 index was trading flat at
2,435, while the Dow Jones Industrial Average

DJIA,
+0.02%

was up less than 0.1% at 21,420. The Nasdaq
Composite Index

COMP,
-0.10%

meanwhile, where biotech is a big component, was
little-changed at 6,231.

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