Cathie Wood Added To Stake In This Medical Technology Company As Its Shares Surged 6% On Friday

Cathie Wood’s Ark Investment Management on Friday bought 26,126 shares — estimated to be worth $163,026 — in Quantum-Si Inc QSI.

Shares of the medical technology company closed 6.12% higher at $6.24 a share. The stock is down 40.5% year-to-date.

Ark Invest has been piling up shares in the Guilford, Connecticut-based medical technology company via its flagship healthcare fund Ark Genomic Revolution ETF ARKG. 

ARKG held 11.36 million shares — worth $66.8 million — in Quantum-Si ahead of Friday’s trade.

The company went public earlier this year in a SPAC merger with HighCape Capital Acquisition Corp CAPA. 

Quantum-Si created the first next-gen protein sequencing platform with the goal of revolutionizing the field of proteomics. A commercial launch for Quantum-Si is scheduled for 2022 beginning with research use. The company will start by decoding the molecules of life starting with proteins with the potential to expand the scale to genomics.

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The company is led by Dr. Jonathan Rothberg, who is also the founder of Butterfly Network Inc BFLY, a company backed by Microsoft Corp MSFT. Rothberg founded over 10 companies and is an award winner in the technology and medical fields. 

Quantum-Si is targeting a $21 billion market and believes it has a scalable semiconductor that could expand to home testing sometime after the year 2024. Applications for the chips from Quantum-Si could include diagnostic applications and drug discovery.