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.

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.