Cathie Wood’s ARK Invest ETFs (exchange-traded funds) poured millions into biotechnology stocks, according to the fund’s daily trade records for August 5. The biggest trade of the day was the purchase of 181,295 shares of CRISPR Therapeutics (CRSP) through the ARK Innovation ETF (ARKK), totaling $10.8 million. Additionally, Wood acquired about $4.5 million worth of shares in another biotech firm, Twist Bioscience (TWST), as well as $1.72 million worth of Aurora Innovation (AUR) shares, $1.62 million worth of Intuitive Machines (LUNR), and a smaller amount of Teradyne (TER).
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On the sell side, Wood continued dumping shares of gaming platform Roblox (RBLX), selling 42,703 shares through her ARKK ETF, valued at $5.58 million. Similarly, ARK Invest continued reducing its stake in fintech platform Block (XYZ), selling 63,504 shares worth $4.8 million. Wood also continued offloading shares of aviation company Blade Air Mobility (BLDE) worth roughly $1 million, in addition to the sale of $11.14 million worth of BLDE shares the previous day.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
Wood Makes a Bold Bet on CRISPR
Wood has been consistently accumulating shares of the gene-editing company CRISPR Therapeutics. She appears to be buying the dip in CRISPR stock, which has lost 8.3% in the past five trading sessions. On August 5, CRSP stock was down 6.7% after reporting a wider-than-expected loss of $2.40 per share for the second quarter.
As of today, CRSP is the top stock in the ARK Genomic Revolution ETF (ARKG), with a 10.95% weight and a market value of $106.2 million. Simultaneously, CRSP holds the #5 position in the much larger ARKK ETF, with a 6% weight and a market value of $419 million.
The biotech space is growing rapidly, with a major breakthrough in gene editing expected soon. CRISPR’s vision fits well with Wood’s investing style. She has strong conviction in the long-term potential of such disruptive technologies.
Is CRISPR a Good Stock to Buy?
On TipRanks, CRSP stock has a Moderate Buy consensus rating based on 14 Buys and six Hold ratings. The average CRISPR Therapeutics price target of $71.20 implies 28.1% upside potential from current levels.
