🟢 XBI is trading 3.1% up today amid sector momentum, spurred by major M&A activity in the biotech sector, and a rising borrow rate
XBI
XBI is trading 3.1% up at $154.35 following strong momentum in the biotechnology sector.
This rally is notably bolstered by Merck KGaA's $11.3 billion cash acquisition of Bio-Techne (TECH), announced today, which sent TECH shares surging over 22%.
The fund also observed a reported 2.95% increase in its borrow rate, adding to the positive sentiment in the biotech industry.
