Cathie Wood Loads Up On Biotech Stocks — Continues To Raise Stake In Coinbase Global

Cathie Wood-led ARK Investment Management raised stakes in a number of biotech companies on Wednesday with these stocks recording negative returns over the last one month, potentially making them attractive in terms of valuations.

What Happened: Funds operated by ARK bought shares of Crispr Therapeutics AG CRSP, Intellia Therapeutics Inc NTLA, Verve Therapeutics Inc VERV, Beam Therapeutics Inc BEAM and Ginkgo Bioworks Holdings Inc DNA.

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The purchase was conducted via the flagship ARK Innovation ETF ARKK and the ARK Genomic Revolution ETF ARKG. ARK's funds are estimated to have shelled out a cumulative $2 million for the purchase of these five stocks on Wednesday, according to valuations based on the day’s closing price.

While all these stocks have registered negative returns in last one month, a few have declined significantly since the beginning of 2023. For instance, while Beam Therapeutics and Ginkgo Bioworks lost over 21% this year, Verve Therapeutics stock declined over 29% in the period.

Some of these companies witnessed important developments over the last few weeks. For instance, CRISPR Therapeutics and Vertex Pharmaceuticals Inc VRTX announced the completion of the rolling of Biologics License Applications to the Food and Drug Administration for the investigational treatment exagamglogene autotemcel for sickle cell disease and transfusion-dependent beta thalassemia.

Ginkgo Bioworks announced the acquisition of StrideBio’s adeno-associated virus capsid discovery and engineering platform assets.

Major Buy: ARK also bought over 147,000 shares of Coinbase Global Inc COIN valued at over $8.9 million based on Wednesday's closing price.

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