Cathie Wood Loads Up $23M In Gene-Editing Company's Shares As They Slump 10% In A Month

Cathie Wood-led Ark Investment Management on Friday raised its stake in clinical stage genetics medicine company Verve Therapeutics Inc VERV via two of its exchange-traded funds. Together, the flagship ARK Innovation ETF ARKK and the ARK Genomic Revolution ETF ARKG bought over 675,000 shares, valued at over $23 million, based on Friday’s closing price.

Verve is the 12th largest holding in the ARK Genomic Revolution ETF valued at over $85 million with a weight of over 3.62% according to data provided by the firm.

Also Read: Ark Invest's Cathie Wood Hands Over Management Of A Pair Of Ark Funds

Developments: On Sept. 21, Verve announced the clearance of its Clinical Trial Authorisation (CTA) application by the United Kingdom (U.K.) Medicines and Healthcare products Regulatory Agency (MHRA) for VERVE-101 as a potential treatment for patients with heterozygous familial hypercholesterolemia (HeFH).

According to the firm, the U.K. CTA is part of a global regulatory strategy established by Verve for the clinical development of VERVE-101, which also includes a cleared CTA in New Zealand and an anticipated regulatory clearance for an investigational new drug (IND) application in the United States in the second half of 2022.

Verve said it is enrolling patients in its heart-1 clinical trial of VERVE-101 for HeFH in New Zealand and expects to begin enrolling patients in the U.K. imminently.

Price Action: Verve Therapeutics shares closed over 3% down on Friday. The stock has lost over 10% in the last month.

Posted In: Long IdeasNewsBroad U.S. Equity ETFsSpecialty ETFsHealth CareTrading IdeasETFsGeneralARK Investment ManagementCathie WoodEurasiaGenetics