IBB - Biotech ETF XBI is on pace for best week in 21-months after it touched near 2-year low

The SPDR S&P Biotech ETF (NYSEARCA:XBI) is on pace for its best trading week in 21 months as the exchange traded fund earlier this week hit a 23-month trading low. XBI is now +8.2% and +2.6% for the day. The biotech fund had not seen such bullish weekly moves since June of 2020, when it jumped 9.9%. While XBI has risen this week, the ETF is still -18.6% in 2022 and down 47.6% from its record high of 174.79 a share dating back to February of 2021. Furthermore, XBI also trades below its pre-COVID 19 high and below its 200-day moving average by 12.1%. See below a weekly chart outlining XBI’s recent moves: XBI is one of the world’s largest biotech ETFs with $6.91B assets under management and is attached with a 0.35% expense ratio. Supported by its 191 holdings with top positions in BioCryst Pharmaceuticals (BCRX) weighted at 1.34% and AbbVie (ABBV) weighted at 1.25%, XBI offers investors exposure to

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Biotech ETF XBI is on pace for best week in 21-months after it touched near 2-year low