From its March lows, SPPI is up 46.3%.

FORBES: Best Biotech Bets Under $7

One young biotech firm that may end up either being bought out or somehow manage to go it alone is Spectrum Phamaceuticals (SPPI), one of the few small-cap biotechs that have real products and making money from them.

FORBES: Spectrum Pharmaceuticals Gets Lift from FDA Action On One Of Its Cancer Treatments

Among the largest underlying components of XBI, in trading today Biomarin Pharma ( NASD: BMRN) is up about 1.8%, Regeneron Pharmaceutical ( NASD: REGN) is up about 0.4%, and Spectrum Pharmaceuticals ( NASD: SPPI) is up by about 4%.

FORBES: Biotech Stocks Pains Continue As Outflows Persist