Nasdaq biotech index on track for record closing high

** The Nasdaq biotechnology index NNBI was up 1%, hitting an all-time intraday high on Wed and on track to register a record closing high in its fourth straight day of gains

** The index is up about 5.7% since its November 20 closing level

** The S&P 500 healthcare index S5HLTH also hit a record intraday but was last off 0.2%

** Among the day's gainers, shares of Arrowhead Pharmaceuticals ARWR were up almost 24% . TD Cowen analysts wrote in a note that ARWR reported a fiscal year 2025 loss, but "has strong momentum, most recently with Redemplo as its first launched drug for FCS (familial chylomicronemia syndrome)." They also note that "initial data from obesity assets are set for early January."

** in general Biotech shares have had a strong run recently, with the .NBI up about 19% for the quarter to date. The biotech index is up 35% for the YTD, helped in part by M&A deals or talk

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