Cathie Wood's ARK Innovation ETF has struggled mightily this year, down more than 50% while the S&P 500 has fallen by 18%. However, a couple of the fund's holdings did exceptionally well last month, soaring by 60%. Signify Health (NYSE: SGFY) and Invitae (NYSE: NVTA) were among the best-performing stocks in August, driven by very different catalysts.
Are these stocks still good buys today?
Signify Health conducts in-home health evaluations that help to ensure patients are receiving high-quality care and it works with Medicare Advantage plans. Shares of the healthcare company skyrocketed more than 60% last month on rumors that UnitedHealth Group , CVS Health , and Amazon were all looking at acquiring the business. It subsequent rose to a value above what some speculated a takeover bid might be.
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2 Cathie Wood Stocks That Soared 60% in August