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Investors Yank $255 Million From Biotech ETF

  • SPDR S&P Biotech ETF saw $255 million outflow on Friday
  • Index of drugmakers has surged 19 percent over past 5 weeks

Once again, biotech is too hot to handle.

At least that’s the signal sent by whoever yanked $255 million from the SPDR S&P Biotech ETF at the end of last week, the biggest outflow in 16 months, according to data compiled by Bloomberg. The withdrawal came with a gauge of S&P 500 drugmakers sitting close to the highest level of 2016. Its 19 percent gain over the past five weeks outpaced all the benchmark index’s 67 industry groups.

Biotech companies have given investors reason to buy this earnings season, as reported results have spurred analysts to double their second-quarter growth forecasts for the industry. Still, it’s been a long...