🟢 Neumora Therapeutics rises 6.4% — Biotech Sector Rallies on Blockbuster M&A Deal and Positive Trial Data

With Biotech (XBI) up 2.3%, this looks like a sector-led move rather than a company-specific surprise.

The biotechnology sector is experiencing a significant upward trend, with the XBI ETF climbing over 2%. Today's rally is largely fueled by the announcement that argenx will acquire Forte Biosciences for approximately $2.2 billion in cash. This major acquisition has injected a fresh wave of optimism into the market, highlighting ongoing consolidation and attractive valuations within the biotech industry. Further bolstering sentiment, CSL announced positive top-line results from a Phase 3b study of ANDEMBRY in children with hereditary angioedema (HAE).