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Biotech stocks surge as people are ‘hungry’ for good news on the coronavirus

April 17, 2020


Biotech stocks surged Friday after new details on a closely watched clinical trial lifted hopes that scientists may be close to a treatment for the coronavirus, which continues to maintain its foothold across the globe after emerging a little over three months ago.

The IBB, an ETF that tracks biotech’s biggest players, was up more than 2% Friday after health-care publication STAT News revealed early impressions from one of Gilead Sciences’ clinical trials for antiviral drug remdesivir. The University of Chicago found that patients with Covid-19 had “rapid recoveries in fever and respiratory symptoms” and were discharged in less than a week, according to STAT.

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