$XBI Baird XBI continued to pull away from broader markets this week with M&A a key thematic in space. While enthusiasm this week wasn't at the same fever pitch, sentiment remains firmly positive as the sector continues to find its legs after a mult-year lull. Novo for Akero ($5.2B acquisition), Bristol for Orbital ($1.5B), and rumors of J&J for Protagonist highlight a busy week for Pharma acquisitions. In addition to M&A, broader deal flow, measured by offerings (including the re-emergence of IPOs), also looks to be on the rebound.