Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made several notable portfolio adjustments on Wednesday, October 29, according to daily fund disclosures. The prominent hedge fund manager continued to accumulate shares of biotech companies 10X Genomics (TXG) and Pacific Biosciences (PACB). The ARK funds also added to their holdings of online sports betting platform DraftKings (DKNG).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
On the sell side, Wood sold 3,633 shares of Canadian e-commerce platform Shopify (SHOP), ahead of its Q3FY25 results, due on November 4. The ongoing reduction of Shopify shares by ARK Invest reflects its broader strategy to shift capital into high-growth innovation sectors such as artificial intelligence, genomics, and next-generation internet technologies.
Wood Raises Bets on Biotech Stocks
Wood continues to increase the fund’s exposure to biotech companies, signaling growing confidence in the sector’s long-term potential. The ARK Innovation ETF (ARKK) and the ARK Genomic Revolution ETF (ARKG) acquired a total of 221,801 shares of 10X Genomics, valued at roughly $2.86 million. 10X Genomics is a life science company that makes instruments, reagents, and software that help scientists analyze individual cells and their biological functions.
At the same time, the ARKK fund acquired 1,028,318 shares of Pacific Biosciences, amounting to $2.07 million. The company designs, develops, and manufactures advanced DNA sequencing systems.
Wood appears to be investing in these companies to capitalize on the promising future of genomics and next-generation biotech innovations, consistent with her investment philosophy focused on disruptive technologies. Both companies are set to release their quarterly results next week, and ARK may be anticipating strong performance.
Wood Buys the Dip in DKNG Stock
Wood also appears to be capitalizing on the current dip in DraftKings shares, buying a total of 97,783 shares for nearly $3 million across the ARKK, ARKW, and ARKF funds. DKNG stock has lost 11.1% over the past five trading sessions and nearly 18% year-to-date, creating a potentially attractive entry point for investors. Shares have declined partly due to news that privately held Polymarket is planning to return to the U.S. with a focus on sports betting in the coming weeks.
Despite rising competition in the online betting and iGaming markets, Wood seems confident in DraftKings’ ability to expand and innovate. DraftKings recently acquired Railbird Technologies to enter prediction markets, signaling its ongoing strategic growth.
Let’s see how these stocks perform using the TipRanks Stock Comparison Tool:
Out of the above discussed companies, DKNG stock carries a “Strong Buy” consensus rating, offering a 67% upside potential over the next twelve months.
