Cathie Wood's ARK ETFs have made a series of significant trades on Friday, May 31, 2024, with a notable focus on tech and biotech sectors. Leading the purchases was Cathie Wood’s ARKK, which bought a hefty 857,990 shares of PagerDuty Inc (NYSE:PD), valued at approximately $15.4 million, making it the largest buy of the day. This move signals a strong vote of confidence from ARK in the cloud computing company, which specializes in digital operations management.
In the realm of biotechnology, ARKK also increased its position in CRISPR Therapeutics AG (NASDAQ:CRSP) by acquiring 45,572 shares, which amounted to a $2.46 million investment. This purchase underscores ARK's continued interest in gene-editing technology, a field that has been a mainstay in their investment thesis.
On the sell side, ARK offloaded a substantial 341,884 shares of Zoom Video Communications Inc (NASDAQ:ZM), equating to over $20.6 million. This sale marks a significant step back from the video conferencing giant, which has been a previous favorite during the pandemic-driven remote work surge.
Other notable trades include the purchase of 31,0566 shares of Pacific Biosciences (NASDAQ:PACB) of California Inc (NASDAQ:PACB) for around $602,498, and a continued accumulation of shares in Beam Therapeutics Inc (NASDAQ:BEAM), with an additional 83,987 shares bought, valued at over $2 million.
ARK's pattern of trades suggests a sharpening focus on innovative companies, particularly in the biotech space. The consistent buying of companies like Beam Therapeutics and CRISPR Therapeutics indicates a bullish outlook on gene-editing technologies.
Smaller, yet still significant, buys were made in companies such as Intellia Therapeutics Inc (NASDAQ:NTLA), with 56,357 shares purchased, and Guardant Health Inc (NASDAQ:GH), with 29,800 shares added to ARKG. These trades, while smaller in dollar value compared to the top purchases, align with ARK's strategy of investing in disruptive innovation.
In addition to these moves, ARK also sold 87,606 shares of Nurix Therapeutics Inc (NASDAQ:NRIX) and 115,367 shares of Verve Therapeutics Inc (NASDAQ:VERV), for $1.36 million and $592,986 respectively, indicating a shift in their positions within the healthcare sector.
Investors following Cathie Wood's ARK ETFs will note the continued pattern of investment in transformative technologies and the recalibration of positions in companies like Zoom, which may reflect changing market conditions or shifts in ARK's strategic outlook.
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