IBB Just Beat the S&P 500 by 22 Points in Three Months. Are You Late to the Party?

Biotech has staged one of its sharpest reversals in years, prompting investors to reassess whether the sector's rally has further upside or whether the easiest gains have already passed. The provided text contains no index levels, company-specific developments, or performance figures to quantify the reversal or identify its underlying catalysts.