Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made a few notable portfolio adjustments on Tuesday, September 2, according to the funds’ daily disclosures. The trades reflect ARK’s continued confidence in the biotechnology sector, along with a decision to reduce exposure to TV streaming giant Roku (ROKU) and online sports betting platform DraftKings (DKNG).
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Wood Continues Selling Roku and DraftKings
The largest trade of the day was the sale of 104,713 shares of ROKU from the ARK Innovation ETF (ARKK), totaling roughly $10 million. Wood has continued to trim the fund’s position in ROKU, taking advantage of the recent surge in its shares, which have gained nearly 32% over the past three months. Despite these consistent sales, ROKU still holds the #2 spot across ARK’s combined portfolios, with a market value of $675.3 million.
Similarly, Wood reduced exposure to DKNG across three funds, the ARKK ETF, ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF), continuing her recent selling trend. Together, the funds sold 44,861 shares of the sports betting platform, valued at about $2.15 million.
Wood Pours Millions into CRSP, NTLA, and TXG
After markets reopened following the extended weekend holiday, Wood continued to invest millions in some of her favorite biotechnology stocks. The ARKK fund purchased an additional 56,273 shares of gene-editing company CRISPR Therapeutics (CRSP), worth $2.9 million. With these consistent purchases, CRSP now holds the #10 position across ARK’s combined portfolio, with a market value of $428.7 million and a 3.29% weighting.
At the same time, the ETF added 215,278 shares of gene-sequencing technology maker 10X Genomics (TXG), valued at $2.9 million. Wood appears to be buying the dip in TXG stock, which fell 4.6% yesterday.
Meanwhile, the ARKK ETF acquired 169,686 shares of clinical-stage biotech firm Intellia Therapeutics (NTLA), worth $1.9 million. Wood has consistently tried to capitalize on dips in NTLA stock, steadily increasing ARK’s position. Over the past month, NTLA stock has fallen nearly 6%.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
