Categories: Business

Cathie Wood Buys Into a Biotech With a Covid Connection

[ad_1]

Star investor Cathie Wood, chief executive of Ark Investment Management, has recently built a stake in a biotechnology company that earlier this month received a dose of good news.

The stock is Adaptive Biotechnologies  (ADPT) – Get Adaptive Biotechnologies Corp. Report. The Food and Drug Administration has granted emergency-use authorization for a new test developed by the Seattle company to find prior Covid infections.

The new test differs from previous ones the FDA has authorized to discover Covid antibodies. The Adaptive test hunts for a T-cell response that would indicate whether someone was infected previously.

Wood most recently bought Adaptive shares on Thursday and has established a $100.3 million position in the Ark Genomic Revolution ETF  (ARKG) – Get ARK Genomic Revolution ETF Report. That makes Adaptive the fund’s 13th biggest holding.

Scroll to Continue

It’s difficult to say whether Adaptive is a growth or value stock. After the company went public in 2019, the stock soared 40% as of Jan. 18, 2021, but has slumped 82% since then. 

To be sure, it has rebounded 23% in the past 11 days. It is now trading at less than half what it was at the start of the year and less than a third of its 52-week high, set late last April.

As for Wood, earlier this month she said on a podcast with MSNBC’s Chris Hayes that society is about to go through unprecedented technological change. The last time such a significant transformation occurred was in the early 20th century, with the introduction of the telephone, electricity and the automobile.

Five major innovation platforms are evolving: artificial intelligence, robotics, energy storage, DNA sequencing and blockchain technology, Wood said. “All of them are on exponential growth trajectories and are converging with each other,” she told Hayes.

Over the next 10 years, the market cap associated with the five platforms that include 14 transformative technologies will grow at a 30% compounded annual rate of return, Wood said.



[ad_2]
Source link

Admin

Recent Posts

Kijangwin is the latest online video gaming provider

Kijangwin is your brand-new go-to destination for all things internet gaming. Whether you're an informal…

2 days ago

How to Style Trendy Clothes Effortlessly

Hey there, fashion enthusiasts! Are you ready to dive into the world of trendy clothes…

3 days ago

How to effectively recover your frozen/stolen funds from fraudulent platforms

Hey there! If you're reading this, there's a good chance you've found yourself in the…

3 days ago

Important things about Core 2 . 0 regarding Hemp Users

Hey there, hemp enthusiasts! If you've been on the hunt for the next big thing…

5 days ago

Exploring the Features and Benefits of Strio

Hey there! Have you ever found yourself tangled up in the world of communication and…

1 week ago

The Importance of Pre-Sale Pest Control: Ensuring a Smooth Home Transaction

Are you worried that hidden critters might derail your home sale? Selling a house can…

1 week ago