Biotech stocks are having a big day Friday, helping to almost erase the sector's under-performance in the fourth quarter.

Take a look at where we stand:


IBB data by YCharts

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Here's the same chart two weeks ago:


IBB data by YCharts

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Why the big rebound? Biogen Idec (BIIB) - Get Report and Gilead Sciences (GILD) - Get Report are certainly helping. Both received positive news from European regulators Friday, which seems to have triggered another round of buying.


GILD data by YCharts

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Europe was also very good to Ariad Pharmaceuticals (ARIA)  today. The stock is Friday's top performer:



ARIA data by YCharts

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-- Reported by Adam Feuerstein in Boston.

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