Biotech ETFs at multi-week highs, extending winning streak
Biotechnology exchange-traded funds outperformed Tuesday as investors focused on next-generation solutions to the coronavirus and more. The ARK Genomic Revolution ETF
ARKG,
was up 2.2% in the early afternoon, on track for its biggest daily gain in nearly three weeks. The First Trust NSYE Arca Biotechnology Index Fund
FBT,
and the SPDR S&P Biotech ETF
XBI,
both gained 1.2%. Some of the funds’ biggest holdings also did well on Tuesday: shares of Invitae Corp. [s:NVTA] and Vertex Pharmaceuticals
VRTX,
were each up 2.3%. In the year to date, the SPDR fund has roughly kept pace with the Nasdaq Composite Index
COMP,
rising nearly 24%, while the ARK fund has more than doubled in value in that time.
