Investor sees opportunity in biotech company’s dip
- Cathie Wood’s Ark ETFs buy a significant amount of Moderna stock after a record selloff
- Ark Innovation ETF boosted its Moderna stake by more than 25%
- Ark Genomic Revolution ETF increased its Moderna stake by 15%
High-profile investor Cathie Wood saw the record selloff in Moderna Inc.’s stock as an opportunity to bulk up her bets on the biotechnology company. The stock plunged 21% after a disappointing earnings report, marking its worst one-day performance since going public in December 2018. Ark Invest disclosed that the flagship Ark Innovation ETF ARKK bought 150,875 Moderna shares and the Ark Genomic Revolution ETF ARKG purchased 52,116 shares. At Thursday’s closing price of $92.17, the total 202,991 shares purchased were valued at $18.7 million. Moderna’s stock became the Ark Innovation ETF’s 24th largest holding with a 1.2% weighting. The Ark Genomic Revolution ETF increased its stake to 399,287 shares, making the biotech’s stock the ETF’s 14th-largest holding with a 2.67% weighting. Before Thursday, the last trades the Ark ETFs made with Moderna’s stock were on May 29.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Cathie Wood’s investment decisions in response to Moderna’s stock performance, including specific share numbers and percentages of holdings in the ETFs. It also includes relevant context on the stock’s performance compared to other indices.
Noise Level: 3
Noise Justification: The article provides relevant information about Cathie Wood’s investment decisions in response to Moderna’s stock performance, but it lacks a comprehensive analysis of the long-term trends or possibilities and does not explore consequences on those who bear the risks. It also doesn’t offer actionable insights or new knowledge for readers.
Public Companies: Moderna Inc. (MRNA), Ark Innovation ETF (ARKK), Ark Genomic Revolution ETF (ARKG), iShares Biotechnology ETF (IBB), S&P 500 index (SPX)
Key People: Cathie Wood (CEO of Ark Invest)
Financial Relevance: Yes
Financial Markets Impacted: Moderna Inc.’s stock
Financial Rating Justification: The article discusses Cathie Wood’s investment decisions in Moderna Inc., which impacts the financial markets and companies by buying shares after a selloff, and also mentions the performance of Ark Innovation ETF and Ark Genomic Revolution ETF.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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