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Biotech lags broader market


Indexes have recovered from April’s dip but well short of broader markets’ pace

By Meredith Durkin Wolfe, Director of Research

July 3, 2024 10:40 PM UTC

After a dramatic drop in April, biotech stocks weathered a stormy May and June to close 2Q24 near where they started the quarter. General market indexes also saw an April dip, but were on a steadier upward path during the next two months.

The XBI (SPDR S&P Biotech ETF) fell 2% in 2Q24, putting it up 4% first half. The ETF closed June 28, the last trading day of the first half, at $92.71. It last breached $100 in early March…