'Even as the wider US stock market approaches a record high, the S&P biotechnology index remains more than 50 per cent below its early 2021 peak.

However, the sector has been one of the biggest beneficiaries of a recent shift in interest rate expectations, bouncing more than 25 per cent since the start of November. A 5 per cent gain on Wednesday pushed it into positive territory for the year after declines of more than 20 per cent in 2021 and 2022.'

https://www.ft.com/content/f2c97f94-3c88-446b-a05b-2eed14843435