GNOM - Biotech ETF XBI jumps to a 3-month trading high

2023-05-15 13:44:44 ET

Shares of the SPDR S&P Biotech ETF ( NYSEARCA: XBI ) moved up to a new 3-month trading high on Monday afternoon as the exchange traded fund picked up 3.5% on the day.

Moreover, the fund opened trading at $85.72 a share and moved up to $88.20 a share, which marks a level that hasn't been seen since February 9 ^th earlier this year. The biotech ETF also climbed 21.7% from its 2023 low which was noticed back in late March. Furthermore, XBI now trades at +8.5% year-to-date.

With its $6.75B assets under management and 0.35% expense ratio, XBI has been supported by some of its holding like ImmunoGen, Inc. ( IMGN ) which has exploded higher by 181.7% in 2023 along with shares of CRISPR Therapeutics AG ( CRSP ) which rocketed up on the year by 64.4% .

For reference, XBI tracks the performance of the S&P Biotechnology Select Industry Index which is a modified equal weighted index that provides unconcentrated industry exposure across large, mid and small cap stocks across the biotech industry.

While XBI has notched a new 3-month high, its not the only biotech focused fund that is trending to the topside. See below a list of other biotech related funds and how they fared so far in 2023:

Global X Genomics & Biotechnology ETF ( GNOM ) +4.4% , VanEck Biotech ETF ( BBH ) +1.5% , iShares Biotechnology ETF ( IBB ) +1.4% , and ARK Genomic Revolution ETF ( ARKG ) +12.5% .

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