Biotechnology sector ETFs were among the best performers Tuesday, with Illumina (NasdaqGS: ILMN) shares surging after the genomics firm beat second-quarter expectations and raised its year-end outlook.
Among the best performing ETFs of Tuesday, the Invesco Dynamic Biotech & Genome (NYSEArca:PBE) increased 3.0%, ARK Genomic Revolution Multi-Sector ETF (NYSEArca: ARKG) advanced 2.5% and iShares Nasdaq Biotechnology ETF (NasdaqGS: IBB) rose 2.0%.
Meanwhile, ILMN shares jumped 11.2% Monday. ILMN makes up 4.8% of PBE, 7.6% of ARKG and 5.2% of IBB.
Evercore analyst Ross Muken said in that the Illumina stock story is “far too compelling to ignore,” reports Allison Gatlin for Investor’s Business Daily.
“The breadth/scope of portfolio strength in this quarter was truly remarkable,” Muken said in a report. “We haven’t barely even scratched the surface on many areas driving the notable inflection (such as oncology).”