Cathie Wood's ARK ETFs have made notable moves in the market on Friday, May 17, 2024, with a series of buys and sells that could signal shifting strategies for the investment management firm known for its focus on innovative technologies.
Leading the trades was the purchase of 218,345 shares of 10X Genomics Inc (NASDAQ:TXG) across the ARKK and ARKG ETFs, totaling a significant investment of $5,587,448. This move indicates a bullish stance on the gene sequencing company, as ARK has incrementally increased its position in TXG over the past week, suggesting confidence in the company's growth potential.
On the selling side, ARK divested a substantial number of shares from Teladoc Health Inc (NYSE:TDOC), offloading a total of 316,277 shares for a value of $4,079,973. The sale marks a continuation of ARK's recent trend of reducing exposure to the telehealth service provider, with a similar scale of sale occurring just the day before.
Another significant trade was ARK's sale of 128,987 shares of Robinhood Markets Inc (NASDAQ:HOOD) through its ARKF ETF, with the transaction amounting to $2,308,867. This trade follows a pattern of ARK divesting from the stock trading platform, which has seen its share of volatility since its IPO.
In the realm of biotechnology, ARK showed increased interest in Intellia Therapeutics Inc (NASDAQ:NTLA) by purchasing a total of 53,728 shares through both ARKK and ARKG ETFs, with a combined dollar value of $1,406,061. This acquisition aligns with ARK's investment thesis on gene editing, and it comes after consistent buying of NTLA shares in previous days, underscoring a trend of accumulating stock in the company.
ARK also added to its holdings in Recursion Pharmaceuticals Inc (NASDAQ:RXRX) by buying 51,325 shares across ARKK and ARKG ETFs for $488,100, and Adaptive Biotechnologies Corp (NASDAQ:ADPT) with an 83,562 share purchase valued at $310,850. These transactions highlight ARK's continued focus on innovative companies within the healthcare sector.
Conversely, the firm trimmed its position in Exact Sciences Corp (NASDAQ:EXAS) by selling 6,391 shares. While the dollar value of this sale was not disclosed, it follows a pattern of selling activity in EXAS shares over the past week.
Investors and market watchers alike pay close attention to ARK's trades, as Cathie Wood's investment decisions are often seen as indicative of broader trends in technology and innovation-focused investing. As ARK adjusts its portfolio, it provides insights into which sectors and companies may shape the future of the economy.
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