Cathie Wood Adds $7M Of This Clinical-Stage Biotech, Trims Stake In CVS-Target Signify Health
Cathie Wood-led ARK Investment Management bought over 330,000 shares of clinical-stage biotechnology company Verve Therapeutics Inc (NASDAQ:VERV) at an estimated valuation of over $6.9 million, based on Tuesday’s closing price. The purchase was done through the flagship ARK Innovation ETF (NYSE: ARKK) and the ARK Genomic Revolution ETF (NYSE:ARKG).
The company's stock has lost over 4.5% in five days. On Monday, Verve announced it received a clinical hold letter from the FDA that outlined the information required to resolve the clinical hold on Verve-101.
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According to the company, Verve-101 is a novel, investigational gene editing medicine designed to be a single-course treatment to permanently turn off the PCSK9 gene in the liver to reduce disease-driving low-density lipoprotein cholesterol. Verve-101 is currently being evaluated in the heart-1 Phase 1 clinical trial in New Zealand and the United Kingdom, the company said.
The FDA has also requested available clinical data from the ongoing heart-1 trial. In addition, the agency has requested that Verve modify the trial protocol in the United States to incorporate additional contraceptive measures and to increase the length of the staggering interval between dosing of participants. Verve intends to submit a response as expeditiously as possible, the company said.
Verve is the 30th largest holding of ARKK with a weight of 0.29%. The stock has gained over 43% in last six months.
Other Sale: ARK also sold over 7,000 shares of Signify Health Inc (NYSE:SGFY). Shares of the company have more than doubled in value over the last six months. CVS Health (NYSE:CVS) said in September it would buy Signify for $8 billion.
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