Biotech-focused exchange-traded funds have posted double-digit gains over the past six months, with XBI up roughly 34%, IBB up ~25% and ARKG surging about 42% in the recent stretch. Analysts pointed to renewed sector momentum driven by M&A activity, late-stage data, and a rotation back into life sciences names. Despite recent strength, two of the three funds remain below five-year peaks, signaling selective optimism rather than broad market exuberance.