S&P Biotech EFT (XBI) Pops on Amylin (AMLN) Buyout News

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Shares of Amylin (Nasdaq: AMLN) moved higher by 9 percent today after reports came out that the company will be acquired at $31 per share by Bristol-Myers (NYSE: BMY). Amylin Pharmaceuticals Inc is a 4.6 percent weighting in S&P Biotech EFT (NYSE: XBI).

Other companies in the sector are also moving higher, including Human Genome Sciences Inc. (Nasdaq: HGSI) and Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN).

Interest in shares in this sector peaked last week when Arena Pharma (Nasdaq: ARNA) got the green light on its latest drug, Belviq, targeting overweight Americans. Later this month, several other stocks in the biotech space will be making news including Vivus Inc. (Nasdaq: VVUS) and its drug Qnexa, and Amarin Corporation PLC's (Nasdaq: AMRN) and it's drug AMR101.

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