Biotech stocks are rallying: the iShares Biotechnology ETF (IBB) is up 24% through October 23, after a 28% gain in 2025, with two dozen of its 233 holdings more than doubling year-to-date. Moderna leads with a 587% surge, though its stock fell 18% after a leak of positive cancer-vaccine trial data. Analysts attribute the rally to clinical trial results, M&A, and technologies such as mRNA, genomics and AI, with about a dozen novel biologics approved by the FDA in 2025 out of 46 approvals and roughly 66 novel drugs in the pipeline. The Moderna–Merck melanoma drug showed a 42% reduction in recurrence or death when combined with Keytruda in Phase 3 and is targeted for FDA submission and launch in 2027. Gene-sequencing firm Illumina more than doubled this year, and 10x Genomics rose more than 300%.
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healthcarepharmaceuticalsbiotechnologyETFmergers and acquisitions
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Related tickers and likely impact
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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