The iShares Nasdaq Biotechnology ETF (NasdaqGM: IBB) is up 1.5% Monday, extending its one-week gain to almost 3%, but the largest biotech ETFs and its rival still have a long way to go to eat into losses incurred over the past few weeks.

Heading into Monday, IBB was sporting a one-month loss of 9.7%. Since the start of March, IBB has plunged 16%, indicating the positivity seen in the ETF over the past week should be approached with caution.

As was noted last week, nearly 30 Nasdaq stocks are in bear markets with almost a quarter of those names residing in IBB. [ETFs Loaded With Nasdaq Bear Market Stocks]

The other side of the coin is that IBB’s recent upside, albeit modest by the standards of biotech ETFs, could be a sign of bigger things to come.

“Now you’ve had a 25% decline in the (IBB), and I think here you could get a rally,” Louise Yamada of LY Research Advisors told Yahoo Finance. “You could go back up to the 200-day moving average, which for the (IBB) comes in around $244.”

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