ARK Invest
- Cathie Wood's Ark Invest ETFs surged on Monday following the landmark results of Intellia Therapeutics' genomic editing clinical trial.
- Ark Invest owns stock in several biotech companies working on CRISPR technology.
- Ark Invest's flagship ETF jumped as much as 4% Monday, fueling a continued rebound from its mid-May low.
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Cathie Wood's Ark Invest saw big gains on Monday as it benefited from a surge in genomic editing stocks that were buoyed by strong data from Intellia Therapeutics.
Intellia soared as much as 63% after it released data from its ongoing phase one trial of a gene editing drug targeting a rare liver disease. The drug, which is based off of CRISPR technology, led to a maximum 96% reduction in harmful liver proteins that cause transthyretin amyloidosis.
The data from Intellia represented the first-ever in-human data from a clinical trial studying the potential effect of gene editing technology. Other biotech companies working on CRISPR-based therapeutics soared, with Beam Therapeutics, Editas Medicine, and CRISPR Therapeutics soaring as much as 20%, 20%, and 10%, respectively.
The surge helped Ark Invest's flagship Disruptive Innovation ETF, as well as its Genomic Revolution ETF, both of which own all four of the CRISPR-based biotech stocks. Both ETFs were up as much as 4% in Monday trades.
The surge added weight to Wood's conviction that the next "FANG" stocks would likely come from the gene editing space.
"The biggest upside surprises are going to come from the genomic space, and that's because the convergence of DNA sequencing, artificial intelligence, and gene therapies are going to cure disease," Wood said in an interview with Bloomberg at the end of last year.
Wood's bet on CRISPR technology stocks has helped aid a continued turnaround for the ARK ETFs. The flagship Disruptive Innovation ETF is now up 34% since its low in mid-May. The ETF is now down just 19% from its record high reached in mid-February.
Between both the Genomic Revolution and Disruptive Innovation ETFs, ARK Invest owns nearly $2.5 billion worth of the four CRISPR-focused biotech stocks, based on Ark's daily holding reports as of Monday.