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Late-stage biotech ETFs rally Monday on virus treatment hopes

Late-stage biotech exchange-traded funds were among the day’s biggest gainers Monday as investors pinned their hopes on medical responses to the novel coronavirus. The ALPS Medical Breakthroughs ETF was up nearly 3% at midday, while the Virtus LifeSci Biotech Products ETF was up 2.7%. Both funds have a specific niche: The ALPS product, SBIO, targets biotech companies with drugs in Phase II and Phase III of FDA clinical trials, while BBP, the Virtus fund, tracks companies whose lead drugs are in the product stage or which have received FDA approval. For both funds, Monday’s action was the best day since August 3. In the year to date, SBIO is flat, compared to a 4.7% gain for the S&P 500 . BBP has gained about 3.6% in that time. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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