The biotech sector has been one of the market's laggards for several years now, and 2025 has been no different, at least on the surface. Year-to-date, the iShares Nasdaq Biotechnology ETF NASDAQ: IBB, which tracks the NASDAQ Biotechnology Index, is up just over 8%. The SPDR S&P Biotech ETF NYSEARCA: XBI, which follows the S&P Biotechnology Select Industry Index, has gained only 6.2%. Both are far behind the broader market benchmarks. But that simple snapshot doesn’t tell the whole story. Over the last month ...