Biotechnology sector-related exchange traded funds were among the few areas of the markets that shook off the tariffs-talk volatility and was still in the green Tuesday as Sarepta Therapeutics (NasdaqGS: SRPT) surged on positive preliminary results from its experimental treatment.
The BioShares Biotechnology Products Fund (NasdaqGM: BBP), which follows U.S.-listed biotech companies with a primary product offering or product candidate that has landed FDA approval, and SPDR S&P Biotech ETF (NYSEArca: XBI), which takes an equal-weight approach to the biotech space, were among the better performing ETFs Tuesday, rising 2.2% and 1.3%, respectively.
Meanwhile, the iShares Nasdaq Biotechnology ETF (NASDAQGM: IBB), the largest biotech exchange traded fund by assets, was 1.3% higher Tuesday.
These biotech ETFs with a greater tilt toward smaller companies strengthened after SRPT shares jumped over 50% Tuesday but eventually settled near 33.3% later in the day. SRPT makes up 2.5% of BBP’s underlying portfolio and 1.4% of XBI’s holdings.
Sarepta Therapeutics shares jumped after the company shared preliminary data for its experimental treatment for patients with Duchenne muscular dystrophy, a rare genetic disease that causes muscle wasting and can be fatal before patients turn 30, CNBC reports. Sarepta revealed results from three children who received the gene therapy in a phase 1/2a clinical trial.