XBI - Biotech Stocks Surge To Start 2024: 'Charts Look Great' But Will The Trend Continue? | Benzinga
The biotech sector has been surging in recent months, reawakening from a period of underperformance that followed the 2021 highs.
David Prince, professional trader at T3 Trading Group, joined Benzinga's “PreMarket Prep” on Tuesday and discussed the biotech industry, highlighting Viking Therapeutics, Inc. (NASDAQ:VKTX) and Immunome, Inc. (NASDAQ:IMNM) as notable recent movers.
"I look for wherever I can make the most amount of money, legally, with the least amount of risk. Biotech into ‘24 was definitely one of those areas," Prince said.
What To Know: Prince believes large biotech companies are looking to recapture growth while sitting on large amounts of capital. The professional trader expects these companies to find new growth opportunities through mergers, acquisitions and purchasing assets as ...