iShares NASDAQ Biotech ETF At Highest Since Level Since December 2015

iShares NASDAQ Biotechnology Index (ETF) IBB shares are trading higher by $7.40 at $331.73 in Thursday's session. The ETF is trading higher for the fourth day in a row, rallying from its Aug. 25 close ($311.05) all the way to $333.30 earlier in Thursday's session.

Consolidation in the sector, evidenced by Gilead Sciences, Inc. GILD purchase of Kite Pharma Inc KITE has renewed buying interest in the sector, which has been dormant over the last several months. The rally gained technical momentum in June when it crossed that $300, a level that previously capped many rallies.

The ETF bottomed on its opening print for the session at $324.90 and marched higher until peaking at $333.30 and backed off. That marks the highest level for the ETF since the last trading day in 2015, when it peaked at $341.77 and closed at $338.33. On the first day of trading in 2016, the ETF swooned to $326.87 and did not bottom until February 2016 at $240.03.