Biotech stocks jumped Monday after pharmaceutical companies presented some positive drug trial results on experimental medicines that give hope for breakthrough treatments for a number of the world's toughest cancers.

The SPDR S&P Biotech XBI, an ETF that tracks the industry's biggest companies, was 1.3% higher in intraday trading, on pace for its first positive day in five. The sector was led by cancer drug company Mirati Therapeutics, which was more than 34% higher, on pace for its best day in nearly two years. Nektar Therapeutics was up 12%, on pace for its best day in a year.

Mirati's stock rose after Amgen presented positive data Monday in Chicago at the 2019 American Society of Clinical Oncology meeting.