The ARK Genomic Revolution ETF (ARKG) has increased over 5.5% by mid-day Thursday as biotech continues to rally and broader markets increase.
The fund is up 18.08% over the past five days and 13.7% over the past month, partially recouping losses from earlier in the year. The fund is down 40.96% year to date. As of mid-day Thursday, all of the top ten holdings in ARKG are all up as the sector continues its rebound after bottoming out on June 16.
Biotechs were some of the hardest hit stocks earlier this year and are now considered by many to be a bargain, especially as talks of an upcoming recession escalate. The weakness of the biotech sector observed earlier this year reversed when it was alleged that Merck & Co. Inc. (MRK) was looking to buy one of the oldest immunotherapy companies in the sector, Seagen Inc. (SGEN), resulting in investors bidding up the space.
Accolade (ACCD, 2.15% weight in ARKG) has maintained strong momentum since trading up nearly 29% last Friday after the company released quarterly results that assuaged investor anxiety. Providing a clear path to profitability is the reauthorization of Accolade’s “TRICARE” pilot program, momentum around its Expert MD business segment, and headcount reductions, ARK wrote in a recent insight.
Accolade is up 15% Thursday and 60% over the past month. Accolade is a data science and software company focused on managing healthcare benefits for employers of all sizes. Its platform integrates population health data, patient outcome data, and provider-level information to surface bespoke benefit plans for employers.
ARKG is an actively managed equity strategy that aims to provide exposure to DNA sequencing technology, gene editing, CRISPR, therapeutics, agricultural biology, and molecular diagnostics.
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