Biotech stocks surge as people are hungry for good news on the coronavirus

Biotech stocks surged Friday after new details on a closely watched clinical trial lifted hopes that scientists may be close to a treatment for the coronavirus, which continues to maintain its foothold across the globe after emerging a little over three months ago.The IBB, an ETF that tracks biotech’s biggest players, was up more than 2% Friday after health-care publication STAT News revealed early impressions from one of Gilead Sciences’ clinical trials for antiviral drug remdesivir. The University of Chicago found that patients with Covid-19 had “rapid recoveries in fever and respiratory symptoms” and were discharged in less than a week, according to STAT. News that biotech firm Moderna received $483 million in federal funds for its vaccine development also boosted the sector higher.