Biotech ETFs surge, lifted as Biogen sees best session in more than a decade

Exchange-traded funds that track the biotechnology sector jumped on Friday, supported by a huge gain in industry bellwether Biogen, which climbed after a positive drug trial. The iShares Nasdaq Biotechnology ETF IBB, +2.75% jumped 2.7%, on track for its biggest one-day percentage gain since May 11. The SPDR S&P Biotech ETF XBI, +2.32% was up 1.9%. Biogen is a major component of both funds, and it climbed 15.5%, its biggest one-day gain since 2007. The rally came after it announced positive results from a phase 2 trial for an Alzheimer’s treatment. The Dow Jones Industrial Average DJIA, +0.16% rose 0.2% while the S&P 500 SPX, +0.47% was up 0.4%. The Nasdaq Composite Index COMP, +0.76% popped 0.7%.

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