Biotech Stocks
Top 10 of 162 XBI holdings, updated
As of 12 October 2026, biotech stocks are trailing the S&P 500, over the past month and over the longer run. XBI trails the S&P 500 by 5.1 points over one month and ranks #66 of 115 groups Zensei tracks. 55 of the 157 biotech stocks Zensei prices in XBI beat the fund this month.
Where biotech stocks stand now
As of 12 October 2026, Biotechnology (XBI) ranks #66 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 5.1 points behind over the past month and 1.5 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, XBI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XBI's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via SPDR S&P Biotech ETF, whose 162 tracked holdings are led by Moderna Inc, Twist Bioscience Corp and Natera Inc. Weighted by portfolio, the fund's holdings trade at roughly 8.8× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top biotech stocks right now
The largest biotech stocks by weight in XBI, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of XBI
- 1Moderna IncMRNA2.2%
- 2Twist Bioscience CorpTWST1.9%
- 3Natera IncNTRA1.8%
- 4Abbvie IncABBV1.6%
- 5United Therapeutics CorpUTHR1.6%
Strongest this month
1-month return, holdings Zensei prices
- 1Kodiak Sciences IncKOD+201.8%
- 2Grail IncGRAL+80.2%
- 3Iovance Biotherapeutics IncIOVA+69.3%
- 4Moderna IncMRNA+48.5%
- 5Novavax IncNVAX+34.4%
Biotech Stocks vs the S&P 500
Over the week to 12 October 2026, XBI fell 3.1% while the S&P 500 rose 0.4%. XBI and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means XBI won that window.
Prices as of · computed from daily adjusted closes · how we measure
Biotechnology on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are biotech stocks expensive?
The price-to-earnings ratio of XBI as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
XBI holdings: the biotech stocks inside
As of 12 October 2026, 55 of the 157 biotech stocks Zensei prices in XBI beat the fund over the past month. 39 of them beat the S&P 500. The strongest is Kodiak Sciences Inc (KOD); the weakest is Compass Therapeutics Inc (CMPX). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | MRNAModerna Inc | 2.2% | +48.5% | +219.0% | +51.5 pts | Strong | Strong |
| 2 | TWSTTwist Bioscience Corp | 1.9% | +19.4% | +68.1% | +22.4 pts | Fading | Fading |
| 3 | NTRANatera Inc | 1.8% | +20.9% | +45.8% | +24.0 pts | Fading | Holding |
| 4 | ABBVAbbvie Inc | 1.6% | +9.3% | +14.1% | |||
| 5 | UTHRUnited Therapeutics Corp | 1.6% | +10.7% | +2.7% | |||
| 6 | BIIBBiogen Inc | 1.6% | +5.6% | +9.7% | |||
| 7 | AMGNAmgen Inc | 1.6% | +10.7% | +16.5% | |||
| 8 | HALOHalozyme Therapeutics Inc | 1.6% | +3.6% | +45.9% | |||
| 9 | GILDGilead Sciences Inc | 1.5% | +5.3% | +15.1% | |||
| 10 | EXELExelixis Inc | 1.5% | +6.6% | +6.7% |
All 162 XBI holdings by weight: Moderna Inc (MRNA) 2.2%, Twist Bioscience Corp (TWST) 1.9%, Natera Inc (NTRA) 1.8%, Abbvie Inc (ABBV) 1.6%, United Therapeutics Corp (UTHR) 1.6%, Biogen Inc (BIIB) 1.6%, Amgen Inc (AMGN) 1.6%, Halozyme Therapeutics Inc (HALO) 1.6%, Gilead Sciences Inc (GILD) 1.5%, Exelixis Inc (EXEL) 1.5%, Iovance Biotherapeutics Inc (IOVA) 1.5%, Protagonist Therapeutics Inc (PTGX) 1.5%, Revolution Medicines Inc (RVMD) 1.5%, Tg Therapeutics Inc (TGTX) 1.5%, Vertex Pharmaceuticals Inc (VRTX) 1.5%, Crispr Therapeutics AG (CRSP) 1.5%, Ptc Therapeutics Inc (PTCT) 1.4%, Krystal Biotech Inc (KRYS) 1.4%, Spyre Therapeutics Inc (SYRE) 1.4%, Neurocrine Biosciences Inc (NBIX) 1.4%, Regeneron Pharmaceuticals Inc (REGN) 1.4%, Alkermes PLC (ALKS) 1.4%, Vaxcyte Inc (PCVX) 1.4%, Incyte Corp (INCY) 1.4%, Madrigal Pharmaceuticals Inc (MDGL) 1.3%, Grail Inc (GRAL) 1.3%, Bridgebio Pharma Inc (BBIO) 1.3%, Oruka Therapeutics Inc (ORKA) 1.3%, Alnylam Pharmaceuticals Inc (ALNY) 1.3%, Biomarin Pharmaceutical Inc (BMRN) 1.3%, Roivant Sciences Ltd (ROIV) 1.3%, Cytokinetics Inc (CYTK) 1.2%, Travere Therapeutics Inc (TVTX) 1.2%, n/a (PRAX) 1.2%, Erasca Inc (ERAS) 1.2%, Cogent Biosciences Inc (COGT) 1.2%, Dianthus Therapeutics Inc (DNTH) 1.2%, Insmed Inc (INSM) 1.2%, Kodiak Sciences Inc (KOD) 1.2%, Ionis Pharmaceuticals Inc (IONS) 1.2%, Kymera Therapeutics Inc (KYMR) 1.2%, Immunitybio Inc (IBRX) 1.2%, Arrowhead Pharmaceuticals Inc (ARWR) 1.1%, Rhythm Pharmaceuticals Inc (RYTM) 1.1%, Veracyte Inc (VCYT) 1.0%, Mirum Pharmaceuticals Inc (MIRM) 1.0%, Viking Therapeutics Inc (VKTX) 1.0%, Cg Oncology Inc (CGON) 1.0%, Tango Therapeutics Inc (TNGX) 0.9%, Relay Therapeutics Inc (RLAY) 0.9%, Beam Therapeutics Inc (BEAM) 0.9%, Caredx Inc (CDNA) 0.9%, Celcuity Inc (CELC) 0.8%, Scholar Rock Holding Corp (SRRK) 0.8%, Ultragenyx Pharmaceutical Inc (RARE) 0.8%, n/a (ARQT) 0.7%, Hyperliquid Strategies Inc (PURR) 0.7%, Recursion Pharmaceuticals Inc (RXRX) 0.7%, Dyne Therapeutics Inc (DYN) 0.7%, Immunovant Inc (IMVT) 0.7%, Summit Therapeutics Inc (SMMT) 0.7%, Sellas Life Sciences Group Inc (SLS) 0.7%, Denali Therapeutics Inc (DNLI) 0.6%, Biocryst Pharmaceuticals Inc (BCRX) 0.6%, Ideaya Biosciences Inc (IDYA) 0.6%, Vera Therapeutics Inc (VERA) 0.6%, Agios Pharmaceuticals Inc (AGIO) 0.5%, Novavax Inc (NVAX) 0.5%, Sarepta Therapeutics Inc (SRPT) 0.5%, Arcus Biosciences Inc (RCUS) 0.5%, Nurix Therapeutics Inc (NRIX) 0.5%, Intellia Therapeutics Inc (NTLA) 0.5%, Celldex Therapeutics Inc (CLDX) 0.5%, Acadia Pharmaceuticals Inc (ACAD) 0.5%, Palvella Therapeutics Inc (PVLA) 0.5%, Uniqure NV (QURE) 0.5%, Viridian Therapeutics Inc (VRDN) 0.5%, Adma Biologics Inc (ADMA) 0.5%, Absci Corp (ABSI) 0.5%, Vericel Corp (VCEL) 0.5%, Disc Medicine Inc (IRON) 0.4%, Biohaven Ltd (BHVN) 0.4%, Precigen Inc (PGEN) 0.4%, Syndax Pharmaceuticals Inc (SNDX) 0.4%, Nektar Therapeutics (NKTR) 0.4%, Immunome Inc (IMNM) 0.4%, Replimune Group Inc (REPL) 0.3%, Mineralys Therapeutics Inc (MLYS) 0.3%, Xencor Inc (XNCR) 0.3%, Stoke Therapeutics Inc (STOK) 0.3%, Inhibrx Biosciences Inc (INBX) 0.3%, Zenas Biopharma Inc (ZBIO) 0.3%, Oric Pharmaceuticals Inc (ORIC) 0.3%, Anaptysbio Inc (ANAB) 0.3%, Vir Biotechnology Inc (VIR) 0.3%, Kura Oncology Inc (KURA) 0.3%, First Tracks Biotherapeutics Inc (TRAX) 0.3%, Mannkind Corp (MNKD) 0.3%, Jade Biosciences Inc (JBIO) 0.2%, Ardelyx Inc (ARDX) 0.2%, Annexon Inc (ANNX) 0.2%, Tyra Biosciences Inc (TYRA) 0.2%, n/a (TSHA) 0.2%, Rigel Pharmaceuticals Inc (RIGL) 0.2%, Candel Therapeutics Inc (CADL) 0.2%, Geron Corp (GERN) 0.2%, Monte Rosa Therapeutics Inc (GLUE) 0.2%, Vor Biopharma Inc (VOR) 0.2%, Janux Therapeutics Inc (JANX) 0.2%, Avalo Therapeutics Inc (AVTX) 0.2%, Immix Biopharma Inc (IMMX) 0.2%, Cullinan Therapeutics Inc (CGEM) 0.2%, Verastem Inc (VSTM) 0.2%, Corvus Pharmaceuticals Inc (CRVS) 0.2%, Bicara Therapeutics Inc (BCAX) 0.2%, n/a (OLMA) 0.2%, Savara Inc (SVRA) 0.2%, Arrivent Biopharma Inc (AVBP) 0.2%, Sana Biotechnology Inc (SANA) 0.1%, Damora Therapeutics Inc (DMRA) 0.1%, Capricor Therapeutics Inc (CAPR) 0.1%, Regenxbio Inc (RGNX) 0.1%, 4d Molecular Therapeutics Inc (FDMT) 0.1%, Achieve Life Sciences Inc (ACHV) 0.1%, Hemab Therapeutics Holdings Inc (COAG) 0.1%, Allogene Therapeutics Inc (ALLO) 0.1%, Prime Medicine Inc (PRME) 0.1%, Ironwood Pharmaceuticals Inc (IRWD) 0.1%, Kailera Therapeutics Inc (KLRA) 0.1%, Cytomx Therapeutics Inc (CTMX) 0.1%, Editas Medicine Inc (EDIT) 0.1%, Altimmune Inc (ALT) 0.1%, Arbutus Biopharma Corp (ABUS) 0.1%, Climb Bio Inc (CLYM) 0.1%, Solid Biosciences Inc (SLDB) 0.1%, Monopar Therapeutics Inc (MNPR) 0.1%, Myriad Genetics Inc (MYGN) 0.1%, Emergent Biosolutions Inc (EBS) 0.1%, Ocugen Inc (OCGN) 0.1%, Design Therapeutics Inc (DSGN) 0.1%, Sagimet Biosciences Inc (SGMT) 0.1%, Shattuck Labs Inc (STTK) 0.1%, Cabaletta Bio Inc (CABA) 0.1%, Ars Pharmaceuticals Inc (SPRY) 0.1%, Aktis Oncology Inc (AKTS) 0.1%, Mimedx Group Inc (MDXG) 0.1%, Prothena Corp PLC (PRTA) 0.1%, Vanda Pharmaceuticals Inc (VNDA) 0.1%, Ovid Therapeutics Inc (OVID) 0.1%, Neurogene Inc (NGNE) 0.1%, Assembly Biosciences Inc (ASMB) 0.1%, Contra Metsera Inc 0.1%, Aura Biosciences Inc (AURA) 0.1%, Compass Therapeutics Inc (CMPX) 0.1%, Crescent Biopharma Inc (CBIO) 0.1%, Faeth Therapeutics Inc (FTH) 0.1%, Lexeo Therapeutics Inc (LXEO) 0.1%, Bridgebio Oncology Therapeutics Inc (BBOT) 0.0%, Contra Inhibrx Inc 0.0%, Contra Akero Therapeut 0.0%, Contra Verve Therapeut 0.0%, Contra Mirati Therapeu 0.0%.
Biotech Stocks: common questions
What are the top 3 biotech stocks?
As of 12 October 2026, the three largest biotech stocks in XBI by fund weight are Moderna Inc (MRNA) (2.2%), Twist Bioscience Corp (TWST) (1.9%) and Natera Inc (NTRA) (1.8%). Fund weight shows size inside the fund, not a recommendation.
Which biotech stocks are beating the sector?
As of 12 October 2026, 55 of the 157 biotech stocks Zensei prices in XBI beat the fund over the past month. The strongest over the past month is Kodiak Sciences Inc (KOD). The list above shows every holding with its weight and returns.
Are biotech stocks outperforming the S&P 500?
No. As of 12 October 2026, XBI trails the S&P 500 by 5.1 points over the past month.
Is it a good time to invest in biotech stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, biotech stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is XBI?
XBI is SPDR S&P Biotech ETF. Zensei uses it to measure biotech stocks against the S&P 500 (SPY).
What stocks does XBI own?
As of 12 October 2026, the largest of the 162 positions Zensei tracks in XBI are Moderna Inc, Twist Bioscience Corp, Natera Inc, Abbvie Inc, United Therapeutics Corp. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is biotechnology in right now?
As of 12 October 2026, biotechnology is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Losing ground → trailing the market
- ·Trailing the market → losing ground
- ·First tracked: trailing the market
Related sectors
Track biotechnology against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.