Capitalizing on the positive sentiment, Juno Therapeutics (NasdaqGS: JUNO) also jumped 18.1% Monday.
Similar to Kite, Juno has been trying to craft a highly personalized cancer treatment, known as CAR T-cell therapy, but its efforts were stopped short last year. Nevertheless, this has not stopped traders from seeing Kite’s positive news as a signal for potentially more biotech mergers ahead, Business Insider reports.
Consequently, biotech-related ETFs with a larger focus on smaller companies developing new drugs have been among the best performers Monday. For instance, LNCR includes a 4.8% tilt toward KITE and 4.1% to JUNO. BBC holds 1.9% KITE and 1.6% JUNO. SBIO has 4.8% in KITE.
For more information on the biotech sector, visit our biotechnology category.