The SPDR S&P Biotech ETF is on pace to have its best single day of trading since late February.
The fund, which tracks stocks in the S&P Biotechnology Select Industry Index, is up 4 percent on Monday, boosted by Clovis Oncology shares surging 46 percent after the company reported positive cancer drug data.
Clovis is trading at its highest levels since November 2015 and is on pace for its best day since June 2013, when it rose nearly 104 percent in a single day. The Boulder, Colorado-based biopharma said data on its ovarian cancer drug shows treatment could benefit four times as many patients as expected. The FDA-approved drug, Rubraca, is intended to keep patients free of cancer after they go into remission.
Only nine of the 92 stocks within the ETF are not trading upward, with many rising 3 percent or more.
The ETF last gained this much when it jumped 5 percent on February 27th.