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Trackinsight: Biotech ETFs receive a dose of gains on new variant concern

11/29/2021 | 10:00am EST

Investors rushed to Biotech and Pharma shares, betting on current vaccine efficacy and renewed demand for doses to fend off the virus.

While most shares flashed red last week, Biotech and Pharma shares rose on new variant concerns. The new variant called "Omicron" was first spotted in South African and made its way across continents with cases in the U.K., Hong Kong, Australia, and Denmark among others.

Investors rushed to Biotech and Pharma shares, betting on current vaccine efficacy and renewed demand for doses to fend off the virus. The rush lifted shares of Pfizer, Moderna, BioNtech by +6.11%, +20.57% and +14.19% on Friday, making the Biotech Industry the top performer in the S&P 500 last week with a combined gain of +3.84%.

In the American ETF space, VanEck Biotech ETF and iShares Biotechnology ETF gained +2.2% and 0.98% on Friday 26th of November. In Europe, Invesco NASDAQ Biotech UCITS ETF and iShares Nasdaq US Biotechnology UCITS ETF opened higher on Monday and currently trading over +1% higher than last Friday's closing prices (11:57 AM, GMT +1).

 

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ę www.trackinsight.com 2021
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