(Bloomberg) — Cathie Wood has been buying shares of Nurix Therapeutics Inc., a small and relatively little-known biopharmaceutical company, every trading day since Oct. 10.
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Wood’s Ark Genomic Revolution ETF has purchased more than 840,000 shares in the San Francisco-based company, which has a market capitalization of $518 million, over the last eight sessions, according to data compiled by Bloomberg.
The fund started buying after Nurix shares dropped more than 75% from their January 2021 record. Analyst ratings consist of 10 buys, 1 hold and no sell recommendations, with an average target price of $34.91, implying a return of 218% over the next 12 months, Bloomberg data show.
Ark Investment Management LLC has kept buying even as its ETF’s trading activity approached a standstill over the last few days. Ark ranks among the top 15 shareholders in Nurix with a stake of more than 2.7%.
Nurix’s website says the company “discovers drugs that harness the body’s natural process to control protein levels” and focuses on “developing targeted therapies to treat cancer including novel, small molecule immuno-oncology agents.”
Ark’s ETF focusing on innovation in medicine is down 50% this year compared with a drop of 12% for the S&P 500 Health Care Index.
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Source: https://finance.yahoo.com/news/cathie-wood-buys-little-known-025734362.html