I may add to my position very soon since my start near 1.28 approx on Tuesday. I think when you look at overall market late day coming off of lows along with LABU-XBI, and the fact ONTY held up similarly and is now on 10th straight day in red (while on 3rd developing leg down), I think a consolidation point may likely be developing. a good sign of capitulation from selling exhaustion today. Overall market may be head faking today with that rally, but this time maybe we finally are finally at short term capitulation, which remains yet to be seen more conclusively with follow thru after today.
We're now on the 3rd down leg phase ever since the fall from last peak late November, while at multi-yr lows going into February. Also the last few weeks have been the worst in many years for the whole sector. 'Oversold' developing at recent levels is an understatement.
If small cap oil/gas stocks were able to rally 50% or more from lows last January for a short term trade (which were similarly scary as this), then certainly ONTY, LABU, the biotech sector can achieve 25-50% or more from latest levels later once they decide to rally in short term as a reasonable expectation.