: Biotech ETF nears a six-month low
Shares of the SPDR S&P Biotech ETF XBI tumbled toward a six-month low last week, closing at $75.66 on Friday, over concerns about biotech exposure to Silicon Valley Bank, which is owned by SVB Financial Group SIVB. The fund’s six-month low was $75.06 on Sept. 26. Shares have fallen 6.8% since Wednesday, when the bank announced a plan to raise capital after a $1.8 billion loss from sales of securities. The bank failed on Friday. The XBI is down 14% over the past year, while the S&P 500 SPX has declined 7.8%.
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