If there's one thing Cathie Wood loves, it's tech stocks. But lately, Ark Invest has been going beyond the traditional tech frontrunners to snatch up shares of biotechnology companies.
On June 5, Wood's Innovation ETF -- 11.5% of which is made up of Tesla -- jumped deeper into two more of these biotech companies.
DON'T MISS: Cathie Wood Buys Millions Worth of One Surging Tech Stock
Ark Innovation snapped up 15,113 shares of Intellia Therapeutics at around $623,713, and 178,218 shares of Ginkgo Bioworks at around $294,000.
Wood has been a long-time fan of Ginkgo Bioworks. The cell-programming company solves product problems across markets, from agriculture to industrial and pharmaceutical. To do this, it takes advantage of customized software and automated robotics.
Ginkgo's stock has felt the reverberations of a shaky market; it's been sitting below $2 for the bulk of 2023. The company's 52-week high, at $4.91, was clocked in August of 2022. It closed at $1.65 June 5.
Despite this, (DNA) is adding plenty of clients in its cell-engineering division, generating some $34 million in revenue, way up from the $21 million this program generated the previous year.
Intellia is similar to Ginkgo but slightly different, focusing on genome editing for human therapeutic use. The company is inching toward profitability, with a net loss of $103 million for the quarter a nearly 30% improvement from the previous year.
NTLA also reported a collaboration revenue increase of 12%, at around $12 million for the quarter.
It's a stock that Morningstar thinks could become a blockbuster over time, predicting its ATTR program could "generate over $1 billion annually toward the end of our 10-year forecast."
Sign up for Real Money Pro to learn the ins and outs of the trading floor from Doug Kass’s Daily Diary.
