Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made a $69 million bet on Exact Sciences (EXAS) on August 7, marking the largest purchase of the day. The move aligns with Wood’s bullish outlook on the biotechnology sector. ARK Invest funds also acquired shares of Airbnb (ABNB), buying 179,197 shares valued at about $21.50 million. Additionally, Wood continued buying shares of CRISPR Therapeutics (CRSP), adding about $3.49 million worth of its stock.
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 other hand, the largest sale trade for the day was 1,419,766 shares of Guardant Health (GH) for a huge $71.15 million. Wood also made a surprising sale of 155,217 shares of the online betting platform DraftKings (DKNG), totaling $7.01 million. Moreover, ARK funds sold 38,880 shares of Palantir Technologies (PLTR), amounting to roughly $7.08 million.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
Wood Pours Millions into Exact Sciences
Exact Sciences made its debut in the ARK Invest funds yesterday. The ARK Innovation ETF (ARKK) purchased 1,394,210 shares of Exact Sciences, and the ARK Genomic Revolution ETF (ARKG) bought another 216,512 shares.
EXAS stock plunged nearly 8%, marking its 52-week low of $38.81 on August 7. On Wednesday, Exact Sciences reported better-than-expected Q2 results, with a loss narrowing to $0.01 per share. Revenue came in at $811 million, also beating the consensus estimate. Nonetheless, analysts lowered their price target on EXAS stock because they were disappointed with its blood-based colorectal cancer (CRC) test data, which led to the sharp stock price decline.
Wood appears to have leveraged the dip in EXAS shares as the company has addressed the issue by signing a deal with competitor Freenome to get access to their blood-based CRC test and pipeline, with FDA approval expected in 2026.
Is EXAS Stock a Buy, Hold, or Sell?
On TipRanks, EXAS stock has a Strong Buy consensus rating based on 10 Buys and two Hold ratings. The average Exact Sciences price target of $65.75 implies 52.3% upside potential from current levels. Year-to-date, EXAS stock has lost 23.2%.
