Cathie Wood Buys Shares Of Pacific Biosciences, Reduces Exposure To DraftKings And Genius Sports

On Monday, August 7, 2023, Cathie Wood-led Ark Invest made significant trades, with the most notable being a substantial acquisition of shares in Pacific Biosciences of California PACB. This move comes shortly after PACB announced its impressive second-quarter financial results, showcasing a 34% increase in revenue compared to the prior year.

The Pacific Biosciences Trade

Pacific Biosciences of California reported revenue of $47.6 million for the second quarter of 2023, marking a 34% increase from the $35.5 million in the prior year period. The company recognized revenue on 47 sequencing systems, including 45 Revio systems and 2 Sequel IIe systems.

Ark purchased 659,805 shares of Pacific Biosciences Of California through its ARK Innovation ETF ARKK and ARK Genomic Revolution ETF ARKG. The trade was valued at $7.9 million, based on Monday’s closing price of $11.94.

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Ark Invest also made significant moves in the sports betting sector. The fund sold shares in DraftKings Inc DKNG and Genius Sports Ltd GENI through its ARK Next Generation Internet ETF ARKW. The Wood-led company also sold DraftKings shares through the Innovation Fund.

Ark’s total DraftKing share sale was valued at nearly $3 million at the closing price of $31.63. The Genius Sports sale amounted to $96,295 — based on Monday’s closing price of $7.19.

This decision comes after DraftKings reported its Q2 results, showcasing operational excellence and widening its competitive edge. Analysts have highlighted DraftKings’ impressive market share gains, increased paying users, and revenue growth. The company’s performance has been attributed to a combination of operational efficiency, favorable market conditions, and strategic initiatives.

Other Key Trades:

• Ark Invest bought 212,211 shares of Recursion Pharmaceuticals RXRX.
• 28,908 shares of Accolade Inc ACCD were added to Ark’s portfolio.
• The fund also purchased 48,086 shares of Quantum QSI.
• Ark Invest sold 20,117 shares of Ionis Pharmaceuticals Inc IONS and 8,721 shares of 10x Genomics Inc TXG.

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