Ark on Tuesday bought shares of Germany’s Crispr, Bloomberg reports. The stock closed 5.7% lower on Wednesday, to $96.77. It has slumped 37% year to date amid investor skepticism about its prospects.
Crispr stock fell Wednesday after the company reported that its CAR-T cell therapy eliminated cancer cells in only nine patients out of 24 tested.
In recent days, ARK Innovation ETF (ARKK) - Get ARK Innovation ETF Report and ARK Genomic Revolution ETF (ARKG) - Get ARK Genomic Revolution ETF Report added to their positions in Crispr and fellow biotech company Intellia Therapeutics, Bloomberg said. Intellia (NTLA) - Get Intellia Therapeutics, Inc. Report dipped 2.1% to $125.35.
Last week, Real Money's Kevin Curran discussed whether Wood is a stock-picking brand that can continue to be trusted.
“As many of her most famous picks begin to falter in the current correction and investors begin to be wary of soaring valuations, there remains a question of how much investors can trust the prescient portfolio manager in a less exuberant environment,” he wrote.
Curran points to Michael Burry, of Big Short fame, as possibly the best-known investor eager to profit off of the market rotation and the ensuing pain for Wood's biggest bets.
“His firm, Scion Asset Management, has actually taken short positions not only against Wood's ARK ETF, but against some of her favorite names like the aforementioned Tesla,” (TSLA) - Get Tesla Inc Report Curran stated.
“Thus far, the bet against Wood has paid off as her flagship ARKK fund has fallen about 14% year-to-date, about the inverse performance of the S&P.”