Top 5 stocks Cathie Wood is buying this week

Exchange-traded fund (ETF) manager Cathie Wood made headlines this week after announcing that she would hand over control of her role as portfolio manager for the 3D printing ETFs (BATS:PRNT) and the ETF ARK Israel Innovative Technologies (BATS:IZRL). Both ETFs have over $100 million in assets under management.

The Ark Invest The CEO did not provide a concrete reason for her departure, although it was announced that Will Scherer would take over as PM for both ETFs. Scherer joined the company in 2014 and most recently served as Chief Commercial Officer.

The news has investors speculating that Wood, 66, is preparing her estate plans. Earlier in June, she named Sam Korus and Nicholas Grous as associate PMs. Until then, Wood was Ark’s only PM. Still, it seems loyal fans aren’t ready to part ways with the outspoken investor just yet.

With that in mind, let’s take a look at the top five stocks Wood has bought this week.

Top 5 stocks Cathie Wood is buying this week

1. Velo3D (VLD)

Bike3D (NYSE:VLD) has the ambitious goal of becoming the largest metal additive manufacturing company by the end of this year. The metal 3D printing company announced last week that it had sold seven of its Sapphire printers to Kevton Technologies. This was one of the largest sales to a subcontractor since the company’s inception. The first two printers are expected to start work in the first quarter of next year.

Velo3D has also experienced rapid growth, with revenues increasing 15 times over the past six quarters. In the last quarter, revenue reached $19.6 million, up 60% year-over-year (YOY). Further dilution or near-term capital increases seem unlikely, as the company had $142 million in cash as of June 30.

Between September 19 and 23, the ARK space exploration and innovation (BATS:ARKX) added 99,616 VLD shares. After the purchase, ETF holds a total of 11.1 million shares.

2. TuSimple (TSP)

TuSimple (NASDAQ:PST) aims to develop safe and efficient autonomous driving (AD) technology for trucks. However, TSP’s actions were hampered by a class action lawsuit regarding an AD driving accident earlier this year.

In April, the the wall street journal revealed that a truck with TSP AD technology crashed on the highway into a cement barrier. At the time, TuSimple attributed the accident to “human error”, while the WSJ claimed that the accident was caused by faulty technology. Subsequently, a class action lawsuit was filed against the company, citing that it had overstated its commitment to security and rushed to bring its technology to market. TSP shareholders have until October 31 to join the lawsuit.

This week the ARK Innovation ETF (NYSEARC:ARKK) acquired 241,626 TSP shares. In September, the ETF purchased a total of 764,934 shares.

3.Adobe (ADBE)

Shares of Adobe (NASDAQ:ADBE) fell about 30% in the past month after the software maker announced it would acquire figma for a whopping $20 billion in cash and stock. Figma is a competitor to Adobe’s XD program and is a collaborative design platform. After the announcement, shares of ADBE fell 17%, marking the biggest drop since 2010.

Figma was last valued at $10 billion in a 2021 funding round. However, ADBE shares fell because investors believed Adobe was paying way too much for Figma. This year, Figma is expected to generate more than $400 million in annual recurring revenue. This would mean Adobe is paying a revenue multiple of around 50x for the design platform. Now Wood steps in and buys the dip.

On September 19, the ARK Next Generation Internet ETF (NYSEARC:ARKW) purchased 22,874 ADBE shares. This was Adobe’s first purchase by an ARK ETF since April 27.

4. Intellia Therapeutics (NTLA)

Therapeutic Intellia (NASDAQ:NTLA) is a genome editing company that uses CRISPR technology for human therapeutic purposes. However, shares of NTLA were very volatile and hit a 52-week high of $154.15 and a 52-week low of $37.08.

Last week, the company revealed interim data from the cardiomyopathy arm of its ongoing Phase 1 study in collaboration with Regeneron Pharmaceuticals (NASDAQ:REGN). The results were promising, showing that NTLA-2001 provided mean reductions in serum transthyretin between 92% and 94% with varying doses. Data supports NTLA-2001 as a one-time treatment to “permanently disable the TTR gene and reduce pathogen protein in people with ATTR-CM.

On September 19, ARKK and the ARK Genomic Revolution ETF (BATS:ARKG) recovered a total of 70,873 NTLA shares. After buys, Intellia is now the seventh largest holding among all ARK ETFs.

5. Verve Therapeutics (VERV)

Therapeutic Verve (NASDAQ:VERV) operates as a biotechnology company that seeks to treat cardiovascular disease with single-treatment gene-editing drugs. On September 21, it was announced that the UK Medicines and Healthcare Products Regulatory Agency (MHRA) had approved the company’s Clinical Trial Authorization Application (CTA). The trial will determine the efficacy of VERVE-101 in patients with heterozygous familial hypercholesterolemia (HeFH).

Medical and Scientific Director Andrew Bellinger added:

This CTA marks the second regulatory clearance for VERVE-101 as we execute our global strategy focused on bringing a potential gene-editing treatment in a single treatment to ASCVD patients worldwide, starting by HeFH.

Enrollment for the trial will begin “immediately”, beginning with 40 adults affected by HeFH. In addition, VERVE-101 has already received approval to begin clinical trials on the Heart 1 in New Zealand. Interim data from the trial are expected to be released next year.

This week, ARKK and ARKG bought a total of 264,606 VERV shares. After the purchases, Ark Invest now holds a total of 2.59 million shares.

At the date of publication, Eddie Pan held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to Publication guidelines.

Eddie Pan specializes in institutional investments and insider trading. He writes for InvestorPlace’s Today’s Market team, which focuses on the latest news on popular stocks.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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