In financial news today, Cathie Wood's ARK ETFs once again made significant moves in the biotech and technology sectors. The daily trade report for Friday, December 20, 2024 reveals a continuing pattern of investment in genetic health companies and a notable sell-off in a leading electric vehicle company.
The largest trade of the day involved the purchase of 218,758 shares Intellia Therapeutics Inc (NASDAQ:), divided between the ARKK and ARKG ETFs, with a total dollar value of $2,642,596. The move underscores ARK's continued focus on companies with disruptive potential in healthcare, where Intellia is known for its pioneering work in CRISPR gene editing technology.
ARK follows closely in terms of dollar value, and has also strengthened its position in 10X Genomics Company (NASDAQ:) by acquiring 161,769 shares across both the ARKK and ARKG ETFs, for a total of $2,201,676. The company, which specializes in genetic sequencing technology, has been another regular feature in ARK's investment strategy.
On the sell side, ARK parted ways with 5,168 shares of Tesla Inc (NASDAQ:) from the ARKK ETF, valued at $2,254,126. This sale is part of a recent trend, with ARK reducing its holdings in Tesla over the past week, despite the central role the electric car maker has played in ARK's portfolio in previous years.
Additionally, ARK sold 42,928 shares of its stock Verasite Corporation (NASDAQ:), a genomic diagnostics company, through its ARKG ETF for $1,677,196. This trade may signal a strategic shift or rebalancing within the genomics space of ARK's portfolio.
In other activity, ARK invested in Pacific Biosciences (NASDAQ:) of California Inc (NASDAQ:PACB), purchasing a total of 513,224 shares across the ARKK and ARKG ETFs for $990,522. PACB, known for its long-read sequencing technologies, has been another steady addition to ARK's investments, indicating a bullish stance on the company's growth prospects.
The remaining trades for the day included minor selling, such as 49 shares of Senti Biosciences Inc (NASDAQ:SNTI) stock through the ARKG ETF for a modest $195. Although small in size, these transactions are part of ARK's daily adjustments to improve the performance of its fund.
Reviewing ARK's trading patterns over the past week, there is a clear focus on genomic health companies, with recurring investments in Intellia Therapeutics, Pacific Biosciences, and 10X Genomics. Conversely, a gradual reduction in Tesla's holdings may indicate a strategic reallocation of resources within ARK's high-conviction investment philosophy.
Investors and market watchers will continue to monitor Cathie Wood's ARK ETFs for insights into disruptive innovation sectors and how these daily trades could shape the future of technology and healthcare investing.
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