At ARK Investment Management, Cathie Wood serves as the company’s CEO. Investors have withdrawn from her flagship ARK Innovation ETF, which has had a negative impact on her fund. Wood said recently on CNBC that the market shift towards “benchmarks” instead of game-changing technology was creating a “massive misallocation of capital.” Wood said. Wood’s ARK Investment Management 13F filings reveal that she has reduced her exposure to the biotech sector over the course of the past year. Stocks that Wood had held for the past few years were sold off. Wood sold Regeneron Pharmaceuticals, Sema4 Holdings, and Caribou Biosciences during the fourth quarter of 2021.
Insider Monkey picked 10 biotech stocks to sell now according to Cathie Wood. Others have taken an interest in Codexis Inc. At the end of the fourth quarter of 2021, ARK held over 3.2 million shares of Codexis worth $101 million, or about 0.3% of the portfolio. In the wake of Wood’s exit from the stock, hedge funds have piled into the company’s holdings. At the end of the fourth quarter of 2021, 61 hedge funds tracked by Insider Monkey had stakes in Vertex Pharmaceuticals Incorporated worth $2.4 billion. InMode Ltd. is a company that produces and sells medical equipment. Since the fourth quarter of 2019, ARK has owned the company. Renaissance Technologies, a New York-based investment firm, holds more than $182 million worth of shares in the company. Pfizer Inc.’s stock was valued at $55.7 million at the end of December 2021, which represents 0.16 percent of the Ark hedge fund’s portfolio. In the meantime, other hedge funds have been buying the stock. Over $1 million in SomaLogic Inc. shares were owned by ARK at the end of December 2021. SomaLogic was valued at $630 million by 37 hedge funds in Insider Monkey’s database. For more details, click 10 Biotech Stocks To Sell Now According To Cathie Wood.
