Last updated on August 23, 2023
Cathie Wood’s Ark Invest recently made a significant investment in biotechnology firm Ginkgo Bioworks, acquiring nearly 6.5 million shares worth around $11 million. The trade was split between two of Ark’s ETFs, with Ark Innovation purchasing around 5.1 million shares and the Ark Genomic Revolution ETF acquiring 1.3 million shares of the company. Ginkgo Bioworks has been a favored investment of Ark Invest, with Ark Innovation holding over 118 million shares of the company valued at $207 million, and Ark’s Genomic Revolution fund owning 52.1 million shares worth $91.2 million.
Despite reporting a 44% drop in revenue for the second quarter compared to the previous year, Ginkgo Bioworks saw growth in its Cell Engineering Services revenue, which increased by 72%, and its Biosecurity revenue, which had a gross profit margin of 49% at $35 million. The company also noted a narrower operational loss of $184 million for the quarter. Ginkgo Bioworks is focused on cell programming and biosecurity and is optimistic about its prospects, expecting revenue of $245 to $260 million for the full year. Ginkgo’s stock experienced a surge in price between May and July but has since dropped to $1.75 per share.
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