Biotechs Soar to New Pandemic High on Moderna and Merck Trial Success

Biotech stocks have reached their highest level since the height of the pandemic after Moderna and Merck announced that a late-stage trial testing their messenger RNA-based cancer therapy reached its main goals. The State Street SPDR S&P Biotech ETF (XBI) has seen significant gains, reflecting the sector's resurgence.

The news comes as a welcome boost to the healthcare industry, which has been performing well lately. Moderna and Merck's mRNA-based treatment showed promising results in the trial, indicating potential breakthroughs in cancer research.