ARK Investment Shifts Focus from Tesla to CRISPR Therapeutics Amid Portfolio Adjustments

Cathie Wood's ARK Investment Management has recently made significant changes to its portfolio. The most notable adjustments include selling Tesla stock and increasing holdings in CRISPR Therapeutics.

ARK has sold a substantial amount of Tesla shares. Over the past few months, ARK Innovation ETF (ARKK) and ARK Autonomous Technology & Robotics ETF (ARKQ) have sold shares worth approximately $22.22 million and $21.8 million, respectively. This move comes despite ARK's previous bullish stance on Tesla, which included a five-year price target of $2,600. However, the recent sales reflect a shift in strategy, possibly due to concerns about Tesla's growth prospects and the competitive landscape in the EV market.

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In contrast, ARK has been actively increasing its holdings in CRISPR Therapeutics. ARK has bought significant quantities of CRISPR Therapeutics stock in recent weeks. For instance, ARK purchased 176K shares of CRISPR Therapeutics three weeks ago and an additional 178.1K shares one month ago. This biotech stock has seen a decline of 20% this year but is projected to rebound, which aligns with ARK's investment strategy in innovative and potentially transformative technologies.

Overall, ARK's recent portfolio adjustments suggest a strategic reallocation of resources from Tesla to CRISPR Therapeutics, reflecting a shift in investment focus from electric vehicles to biotechnology.