Cathie Wood unloaded just over 100K shares of Exact Sciences (NASDAQ:EXAS) on Tuesday a few weeks after her team predicted that the stock could nearly triple in value by the year 2027. Since that call, EXAS has climbed more than 35%.
In total, Wood sold 100,326 shares of EXAS through her flagship ARK Innovation ETF (NYSEARCA:ARKK) and ARK Genomic Revolution ETF (BATS:ARKG). ARKK unloaded 63,674 shares while ARKG shed 36,652 shares.
On Jan. 5, Ark Invest stated: “In our base case, shares of Exact Sciences could compound at an average annual rate of 25%, reaching $140 by 2027.” At the time, the stock was trading at just over $48 a share. An advance to her $140 target represented a rally of more than 190% from that level.
EXAS closed Tuesday's trading at $65.30, climbing more than 35% since Jan. 5.
According to Ark’s trade records, ARKK and ARKG both classify EXAS as the top holding in both funds. ARKK weights EXAS at 8.58% and has a total market value in the stock at $620.18M. ARKG has an even higher weighting at 12.34%, holding a $272.38M market value stake in the stock.
EXAS is held by 108 ETFs but ARKG and ARKK represent the number one and two heaviest positions. The third-place fund is the First Trust Nasdaq Lux Digital Health Solutions ETF (NASDAQ:EKG) with a 4.28% claim in the molecular diagnostics company.
In Wednesday's premarket action, ARKK has found itself -2.3%, ARKG was lower by 0.8%, and EXAS slipped by 1.5%.
In other ARK Invest related news, despite ARKK’s dismal performance in 2022 the fund still attracted the most significant inflows among thematic ETFs over a recent twelve-month period.