Cathie Wood's ARK ETFs continued to adjust their portfolio with significant trades on Wednesday, 17 July 2024, as disclosed in their daily trade report. The largest transaction of the day involved the purchase of 160,334 shares of Beam Therapeutics Inc (NASDAQ:BEAM), with a total value of approximately $4.38 million. This transaction was spread across the ARKK and ARKG ETFs, indicating a bullish stance on the genome editing company.
The ARK ETFs also made a smaller purchase, acquiring 3,534 shares of Blade Air Mobility Inc (NASDAQ:BLDE) through the ARKX ETF, valued at around $12,369. Blade Air Mobility has been on ARK's radar, as seen by previous trades, including a substantial buy of 765,851 shares on 10 July.
On the sell side, ARK's most notable move was the sale of 46,161 shares of Zoom Video Communications Inc (NASDAQ:ZM) through the ARKK ETF, totaling approximately $2.73 million. This sale continues a pattern of reducing exposure to Zoom, as ARK has consistently sold shares of the video conferencing giant over the past week.
Looking at the broader trends, ARK's trading activity over the past week suggests a growing interest in genomic and biotech companies, as evidenced by repeated investments in Beam Therapeutics and other biotech stocks like Pacific Biosciences (NASDAQ:PACB) of California Inc (NASDAQ:PACB) and 10X Genomics Inc (NASDAQ:TXG). In contrast, ARK has been divesting from tech companies like Zoom Video Communications, with sales occurring on multiple days.
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