Biotech Still the Topic of Conversation

Biotechnology issues, especially the mid-cap ones in the XBI ETF, are notably strong again this morning on the back of SRPT's surge. 

Plenty of the mid-cap biotech are sporting similar charts over the last few quarters, insofar as attempting to turn the corner after being mired in steep downtrends followed by extended "dead money" periods of churning sideways. 

However, it is worth keeping an open mind to the idea that all of that tedious price action may have served to form a durable bottom, especially given the XBI's glaring relative strength to the market of late. 

With this in mind, AGIO is name setting up behind some of the biotechs which have already run. On the daily chart, below, note how the name is looking to turn the proverbial corner by basing at its 200-day moving average and some recent buy volume coming in impressively.