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Options traders are also taking bullish stakes in XBI.

“XBI traded 2X daily call volume with notable trades including an early morning purchase of 10,000 April $52.50 calls at $1.20 ($1.2M trade). XBI also hit my scans on 3-29 when a large purchase of 7,500 June $50 calls paid $3.70 to $3.90 (a $2.8M+ trade). The IV Skew in the XBI remains fairly steep, so upside calls are a cheap way to play a move,” adds See It Market.

SPDR S&P Biotech ETF