Biotech ETF tops key $300 level for first time since January
Continuing a recent recovery, a key biotech ETF rose 0.9 percent Thursday, topping its key resistance level of $300 for the first time since January.
The iShares Nasdaq Biotechnology ETF (IBB) hit a high of $300.29 Thursday, and closed at $300.08, just below the $302.40 level hit in January. The previously elusive $300 mark has been a level of resistance for the ETF, which tested that level twice in August before trading lower.
The climb comes on the heels of two major recent acquisitions by Allergan in the biotech field. The Ireland-based company announced its $1.7 billion deal with Tobira Therapeutics on Tuesday, and made news last week after acquiring Vitae Pharmaceuticals in a $639 million all-cash deal. Other stocks rose amid speculation of more takeovers this week. Clovis Oncology finished up 2.7 percent and Eli Lilly also closed up about half a percent after rumors that Eli may buy the cancer treatment company.
Collegium Pharmaceutical was one of the largest gainers by percentage points Thursday, closing 19.3 percent higher after news that its chronic pain medication, Xtampza, will be more accessible to patients with United Healthcare insurance.
Sarepta continued to rise after it received approval from the FDA earlier this week for a muscular dystrophy drug. It closed up 8.5 percent for the day on Thursday and up more than twice its price from last week.
Mylan, one of the 10 most heavily weighted stocks in the ETF, traded more than 1.5 percent higher despite recent political pressure over the stark price increases of its life-saving EpiPen device.
-CNBC's Chris Hayes and Evelyn Cheng contributed to this report.