The biotech sector, as measured by the XBI ETF, is trading significantly higher today, led by a more than 35% surge in Purple Biotech (PPBT) shares after the company announced it received a U.S. patent for its cancer therapy platform. This news adds to a backdrop of already positive sentiment for the biotechnology industry, which has seen a rebound driven by increased merger and acquisition activity and positive clinical trial data from several companies in recent weeks.