Cathie Wood Buys Millions of Shares of a Struggling Stock

Cathie Wood's Ark Invest is all about innovation. The company is famous for remaining bullish on companies that exist on the cutting edge, like Elon Musk's Tesla  (TSLA) - Get Free Report. 

Wood's ETFs have embraced nascent industries, like AI, and older tech, like Roku, alike. 

Her latest bet revolves around biotechnology. 

Forget Tesla -- We’re all-in on this EV stock

Ark Invest acquired nearly $5 million worth of Ginkgo Bioworks Holdings  (DNA) May 11; the Ark Innovation ETF added 3,005,363 shares of the biotech company, while the Ark Genomic Revolution ETF added 704,208 shares. 

Rounding out this focus on biotech firms, the Ark Innovation ETF also added 300,807 shares of Invitae  (NVTA) - Get Free Report , another biotechnology company, and the Ark Genomic Revolution ETF added 330,423 shares of Adaptive Biotechnologies  (ADPT) - Get Free Report , 110,667 shares of CareDX  (CDNA) - Get Free Report and 80,287 shares of Invitae. 

Ginkgo Bioworks stock closed May 11 at $1.33 per share and dropped more than 6% at market open. 

Ginkgo -- the cell programming and biosecurity firm -- reported $81 million in revenue for the first quarter of 2023, down 52% from the $168 million the company reported in the same quarter last year. 

Despite this loss of eight cents per share, the company beat analyst expectations and is maintaining a positive outlook. 

"In the 15 years since my co-founders and I launched Ginkgo, I have never been more optimistic than I am today," Jason Kelly, co-founder and CEO said in a statement. "There is no doubt that we are going to be living in a challenging market environment for a while, but Ginkgo was built for these moments -- we have worked hard to give ourselves a margin of safety so that we can relentlessly focus on our mission to make biology easier to engineer."