Cathie Wood Engages in Budget Shopping: Identifies Three Stocks Recently Purchased
Cathie Wood, the outspoken CEO of Ark Invest, is once again making waves in the investment world. Despite the Ark Innovation ETF (ARKK) dipping 14% this year and 72% since its peak in early 2021, Wood isn't backing down. She's been busy adding to her holdings in Guardant Health, Oklo, and CRISPR Technologies, despite their mixed performance.
Let's dive into the details of Wood's latest picks.
1. Guardant Health
Guardant Health, a developer of oncological tests, has been a shining star this year, up 34%, beating the market averages. The company's primary product, Guardant360, is a portfolio of liquid and tissue precision oncology tests, which have broad commercial and Medicare coverage in instances of advanced solid tumors. Although Guardant Health may be years away from profitability, it's already a force to reckon with.
Guardant Health completed 202,800 clinical or biopharmaceutical tests last year, nearly doubling its tally from two years earlier. With each test raking in an average of $2,536, it's no wonder the company generated $563 million in revenue in 2023. Guardant is aiming to be profitable by 2028 and expects to nearly quadruple its revenue to top $2 billion by then.
But Guardant Health isn't resting on its laurels. Shield, its colorectal cancer screening tool, is closing in on FDA approval. Although Exact Sciences' Cologuard, a rival's viable test, is reportedly more accurate than Shield, Shield's simplicity as a simple blood test may give it an edge.
2. Oklo
Oklo, a lesser-known fast fission tech and nuclear recycling company, hasn't been enjoying the same success as Guardant Health this year. Shares are trading 16% lower, roughly in line with Ark Invest's overall performance in 2024.
Oklo went public in May through a special purpose acquisition company (SPAC). Although the chairman, Sam Altman, may be a household name due to his role as CEO of OpenAI, Oklo hasn't seen the same level of buzz.
Oklo recently announced it successfully completed its first end-to-end demonstration of its advanced fuel recycling process. Although this milestone didn't significantly impact the stock price, it's a promising sign for the company's future.
3. CRISPR Therapeutics
CRISPR Therapeutics, a pioneer in gene-editing technologies, has been a mainstay in Wood's portfolio for years. The company, which has been in the field for over a decade, received its first approval last year for Casgevy, a gene-edited therapy for sickle cell disease and transfusion-dependent β-thalassemia.
Although CRISPR is down 10% this year, Wood sees this as an opportunity to buy up shares at a depressed price. With its wide-open potential and a pipeline packed with promising treatments in various stages of development, it's no wonder Wood remains a bull on CRISPR Therapeutics.
[1] Source: Yahoo Finance[2] Source: Barclays and CNN Business[3] Source: S&P Global Market Intelligence and Seeking Alpha
In the realm of financing, Cathie Wood has continued to invest in Guardant Health, a company that excelled this year with a 34% increase, despite its mixed performance and years away from profitability. (finance, investing, money)
Although Oklo, a nuclear recycling company, hasn't fared as well this year, with shares trading 16% lower, its recent achievement of completing its first end-to-end demonstration of its advanced fuel recycling process is a promising sign for its future. (finance, investing, money)