The biotechnology sector, as measured by the XBI ETF, is trading higher today, influenced by a combination of positive company-specific news and a broader market rally. ImmunityBio (IBRX) reported a 92% year-over-year increase in second-quarter revenue, contributing to positive sentiment within the sector. This strong earnings report is indicative of a larger trend, as many biotech companies have been beating earnings estimates. The sector is also benefiting from a strong year for biotech IPOs and continued M&A activity.