NBI hits all-time high as biotech stocks surge

The NASDAQ Biotechnology Index rose 168.42, or 4%, to 4,201.88 on Monday, reaching an all-time high on the back of substantial inflows into the sector.

Twenty-eight companies gained double-digit percentage points as the NBI breached its previous high of 4,162.86 on July 17, 2015. The index is up 11% year to date and up 42% since the market bottomed out on March 16 due to broader economic concerns related to the COVID-19 pandemic. ...