The biotechnology sector, as represented by the XBI ETF, experienced a notable rally on May 12, 2025, with the ETF rising by approximately 3.33% and nearing the $80 mark. Trading volume for XBI reached 130% of its average, outperforming other indices, which traded at around 60% of their average volume. This upward movement came despite expectations of a decline following President Donald Trump's executive order aimed at lowering drug prices. Market participants suggested that the order might not have a substantial impact, with some describing it as a "nothingburger." The positive performance of XBI and the broader biotech sector was also attributed to optimism surrounding a deal with China. The iShares Biotechnology ETF (IBB) was mentioned alongside XBI in discussions about the sector's movements. Additionally, the FDA's Center for Drug Evaluation and Research (CDER) remains a key event to watch for the biotech sector's future trajectory.