Cathie Wood's ARK Reshuffles Biotech, Sells Coinbase and Ginkgo Stock
Cathie Wood's ARK ETFs have released their daily trades for Monday, June 24th, 2024, highlighting a continued focus on the biotechnology sector with significant buying and selling moves.
Major Sale: Ginkgo Bioworks
Topping the list, ARK executed a considerable divestment from Ginkgo Bioworks Holdings Inc, selling an enormous 41,587,888 shares across its ARKK and ARKG ETFs. This sale totaled $17,649,899 in value. Ginkgo, a synthetic biology company, has been frequently involved in ARK’s trading activities, making this a notable sell-off.
Significant Sale: Coinbase Global Inc
In another major move, ARK's ARKW ETF sold 3,341 shares of Coinbase Global Inc, worth $754,598. This sale reflects a potential shift in ARK's investment strategy regarding digital assets, especially during a turbulent period for the cryptocurrency exchange platform.
Major Purchase: 10X Genomics Inc
On the buying side, ARK's ARKK ETF made a substantial investment in 10X Genomics Inc, acquiring 353,815 shares valued at $6,948,926. This purchase indicates a strong vote of confidence in the genomics company, which has been a recurring target for ARK’s investments.
Substantial Purchase: Roku Inc
Another significant buy was seen in Roku Inc, with the ARKK ETF acquiring 32,989 shares for $1,794,601. Despite the competitive streaming market, this purchase highlights ARK's sustained bullish outlook on the streaming device manufacturer.
Additional Biotech Investments
- Adaptive Biotechnologies Corp: ARK's ARKG ETF bought 129,816 shares totaling $420,603. This demonstrates ARK’s ongoing interest in the adaptive immune system profiling company.
- ABSCI Corp: ARK acquired 43,936 shares for $132,686.
- PagerDuty Inc: 11,850 shares were purchased for $253,589.
Smaller Transactions
Smaller acquisitions included shares in Markforged Holding Corp and sales in Verve Therapeutics Inc. While these trades are less significant dollar-wise, they still contribute to ARK's overall investment strategy.
Market Implications
As ARK continues to adjust its portfolio, market watchers are eager to see how these trades align with broader market trends and the performance of the individual companies involved.
Cathie Wood's ARK remains a focal point for investors, providing insight into emerging sectors like biotechnology and the ever-volatile digital asset landscape.
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