Biotech sold off while small caps rose (Jan 8 close): XBI -2.2%, NBI -2.3%, Russell +1.1% — but “window” still open (Aktis IPO $318M, Monte Rosa $300M)

US close Thu 08-Jan-2026 was weird: small caps up (**Russell +1.1%**) while biotech got hit (**XBI -2.2%, NBI -2.3%**). Yet capital markets prints keep coming: * Aktis Oncology priced biotech’s first IPO of 2026 at **$318M** (radiopharma) * Monte Rosa priced a **$300M** underwritten offering * Private: Parabilis **$305M** (oversubscribed), Alveus **$160M** launch, Beacon **$75M+** Series C, Century **\~$135M** private placement Question: is this a durable reopening of biotech ECM, or just a handful of high-quality exceptions? Want these updates and more in your inbox daily? Link in Bio