Nasdaq biotech index hits over 2-1/2 yr high

** Shares of the Nasdaq biotech index up 1.3% at 4.885.99 points in afternoon trading

** Index hits over 2-1/2 yr high

** Early stage biotechs rely heavily on venture capital and public listings as their financing options; IPO investment in biotechs is showing signs of further recovery this year

** Top movers include Pacific Biosciences PACB, Caribou Biosciences CRBU and Grail GRAL

** The index has risen 6.8% in the week ended July 12

** YTD, the index is up 11.8%