Biotech index rises above $100 mark for first time in two years

Af­ter a roller coast­er of a two-year ride, the biotech mar­ket’s key stock in­dex, the $XBI, sur­passed the $100 mark on Tues­day, buoy­ing in­vestor op­ti­mism and pro­vid­ing a mo­ment of re­lief for those with mon­ey in the drug de­vel­op­ment in­dus­try.

The 5.7% rise on Tues­day adds to a month­s­long pick­up from the Oc­to­ber dol­drums and an ex­plo­sive da­ta read­out from Viking Ther­a­peu­tics that led to a more than dou­bling of the biotech’s share price as its obe­si­ty drug en­ters Eli Lil­ly and No­vo Nordisk’s back­yard.

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