Cathie Wood Spends Millions Doubling Down On More Big Biotech Stocks

Earlier in June, Cathie Wood’s Ark Invest bought a bunch of shares of a couple of biotechnology companies, notably Ginkgo Bioworks and Intellia Therapeutics. 

Wood confirmed her bet on the investment value of biotech stocks June 21, specifically those that dabble in gene editing, with a big purchase of CRISPR Therapeutics and Verve Therapeutics. 

DON’T MISS: Cathie Wood Dives Deeper Into Two Big Biotech Stocks

Wood picked up a total of 75,217 shares of CRISPR at around $4 million, spread across two of her ETFs. The Ark Innovation ETF picked up 59,047 shares of the company, while the Ark Genomic Revolution ETF picked up 16,170. 

She also snapped up a total of around $1.7 million worth of Verve, with Ark Innovation picking up 71,203 shares and Ark Genomic Revolution picking up 20,311. 

Shares of CRISPR have climbed nearly 40% so far for the year. The gene-editing company is also facing a potential approval from the U.S. Food and Drug Administration (FDA) for its first product, a one-time curative blood disorder treatment called exa-cel. If approved, the treatment could be doing $1.7 billion in global sales by 2028, Evaluate Pharma says. CRISPR’s shares closed at $56.97 June 21. 

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Verve, which closed June 21 at $18.99, has an analyst consensus of Moderate Buy with an average price target of $42. The company, which specializes in gene editing for cardiovascular disease, recently dosed its first patient with its product VERVE-101. 

Both stocks are longtime favorites of Wood’s — Ark Innovation currently holds more than 5 million shares of CRISPR, at a weight of 3.71%. Wood’s flagship ETF also owns more than 1.5 million shares of Verve, weighted at .43%.

Ark also dumped a total of 30,410 shares of Shopify. 

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