With Biotech (XBI) up 2.1%, this looks like a sector-led move rather than a company-specific surprise.
The biotech sector is trading higher, with the XBI ETF up over 2%, driven by news of a significant acquisition. Argenx announced a tender offer to purchase Forte Biosciences, fueling a new wave of M&A speculation in the industry. This deal amplifies an already strong year for biotech mergers and acquisitions, which has been a key driver of the sector's outperformance. The positive sentiment is further supported by a string of favorable company-specific news, including positive clinical trial updates and financial results.