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Cathie Wood Watch: Ark Buys Healthcare/Tech Stocks

by WOOWinvest
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Cathie Wood Watch: Ark Buys Healthcare/Tech Stocks

Popular investor Cathie Wood, CEO of Ark Investment Management, bought shares of drug data analytics and a cancer treatment developer on Tuesday.

She also buys and sells some familiar names. All valuations below are as of Tuesday’s close.

recursive pharmacy (RXRX) – Get Recursion Pharmaceuticals Inc. Report is the drug data company. Ark Genome Revolution ETF (ARKG) – Get the ARK Genome Revolution ETF report Acquired 108,500 shares worth $960,225. The stock is down 48% so far this year.

surface oncology (SURF) – Get Surface Oncology Inc. Report is a cancer treatment developer. Ark Genome Revolution snapped up 437,372 shares worth $769,775. The stock has plunged 61% so far this year.

Ark Fund snapped up 322,499 shares of Ginkgo Bio (DNA) , a biotech company valued at $870,747. The stock is down 65% so far this year.

Ark Genomic Revolution bought 108,166 shares of Zymergen (ZY) – Get Zymergen Inc. Report, a biotech company valued at $147,106. The stock is down 79% year to date.

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On the sell side, Ark Funds dumped 1,884,434 Stratasys shares (SSYS) – Get Stratasys Ltd. Reports, a US-Israeli manufacturer of 3D printers worth $35.8 million. The stock is down 27% so far this year.

Ark Genomic Revolution ETF cuts 164,632 shares of Ionis Pharmaceuticals (IONS) – Get Ionis Pharmaceuticals Inc. Report, a biotech company valued at $6.2 million. The stock has risen 26% so far this year.

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Meanwhile, as the Ark Fund has tumbled in recent months, Wood has defended herself, pointing to a five-year horizon for her investment.

and the five-year track record of Wood’s flagship Ark Innovations ETF (ARKK) – Get the ARK Innovation ETF report That could indeed bring comfort to investors ahead of May 9. Before that, the fund’s five-year return had outperformed the S&P 500. But Ark Innovation’s five-year annualized return totaled 10.86% through July 5, lagging the S&P 500’s return of 11.49%, according to Morningstar.

Ark Innovation is down 52% so far this year as Wood’s tech company has struggled. It is down 72% from its February 2021 peak. Raging inflation and soaring interest rates have helped put Kibosh on tech stocks.

Clearly, many of Wood’s investors aren’t too concerned about underperformance. Ark Innovation had a net inflow of $1.45 billion in the six months ended July 5, according to ETF research firm VettaFi. To be sure, the fund had an outflow of $38.19 million last month.

“I think inflows are happening because our clients have been moving away from broad-based benchmarks like the Nasdaq 100,” Wood said. “We are fully committed to disruptive innovation. Innovation solves problems.”

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