Cathie Wood, chief executive of Ark Investment Management, unloaded 175,491 shares of Exact Sciences on Jan. 23, possibly to take advantage of the stock’s recent gains. Exact Sciences is the largest holding in Wood’s flagship Ark Innovation ETF.
Exact Sciences, a medical diagnostics company, has lost 11% in its stock price over the past year, but has climbed +119% since Oct. 14 on the back of strong earnings and the overall market rally.
This unloading comes a few weeks after Wood’s team predicted that Exact Sciences stock could nearly triple in value by the year 2027. On Jan. 5, Ark Invest said, “In our base case, shares of Exact Sciences could compound at an average annual rate of 25%, reaching $140 by 2027.”