Seeking Alpha

Idenix deal fuels rally in (certain) biotech ETFs

  • Those ETFs with more small- and mid-cap exposure like the SPDR S&P Biotech ETF (XBI +5.7%) and the PowerShares Dynamic Biotechnology & Genome Portfolio (PBE +7.4%) are partying. It also turns out the XBI and PBE are the two largest holders of Idenix stock.
  • Biotech ETFs with a focus on large caps - the iShares Nasdaq Biotechnology ETF (IBB +0.5%) and the Market Vectors Biotech ETF (BBH +0.4%) - are having more subdued sessions.
  • Previously: Merck buys Idenix
  • The rally in small cap biotech fueling a positive session for small caps overall, with the Russell 2000's (IWM +0.7%) gain outpacing the flat action in the big-cap averages.
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