In this article, we discuss the 3 stocks that Cathie Wood dumped in July. If you want to see more stocks that she disposed of during this month, click Cathie Wood Dumped These 7 Stocks in July.
3. Intellia Therapeutics, Inc. (NASDAQ:NTLA)
Number of Hedge Fund Holders: 35
Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a Massachusetts-based genome editing company that develops novel genomic medicines using CRISPR/Cas9 technology for the treatment of ocular diseases. On July 14, Cathie Wood’s ARK Innovation ETF sold 60,190 shares of Intellia Therapeutics, Inc. (NASDAQ:NTLA).
Piper Sandler analyst Swapnil Malekar reiterated an Overweight rating on Intellia Therapeutics, Inc. (NASDAQ:NTLA) with a $171 price target after updated data was disclosed from NTLA-2001 in transthyretin amyloidosis with polyneuropathy. This data “continues to increase our conviction in the potential for one time treatment option for NTLA-2001”, the analyst told investors.
Among the hedge funds tracked by Insider Monkey, Intellia Therapeutics, Inc. (NASDAQ:NTLA) was part of 35 public stock portfolios as of Q1 2022, up from 31 funds in the prior quarter. Andreas Halvorsen’s Viking Global is a prominent stakeholder of the company, with roughly 2.5 million shares worth $179.40 million.
Carillon Tower Advisers discussed its stance on Intellia Therapeutics, Inc. (NASDAQ:NTLA) in its Q2 2021 investor letter.
“Intellia Therapeutics is a clinical-stage genome editing company focused on the development of proprietary, potentially curative therapeutics. The company’s stock soared after announcing positive interim data from an ongoing phase 1 clinical study of its in vivo gene editing candidate, which is being developed as a single-dose treatment for hereditary transthyretin (ATTR) amyloidosis. This specific form of therapy would be the first of its kind resulting in the precision editing of a gene in a target tissue in the human body.”
2. CRISPR Therapeutics AG (NASDAQ:CRSP)
Number of Hedge Fund Holders: 37
CRISPR Therapeutics AG (NASDAQ:CRSP) is a gene editing company that utilizes CRISPR/Cas9 technology to administer changes to genomic DNA. On June 23, Evercore ISI analyst Liisa Bayko downgraded CRISPR Therapeutics AG (NASDAQ:CRSP) to In Line from Outperform and slashed the price target to $60 from $66. The company made advancements to its gene-editing programs, and while she is “excited” about the expansion, the programs are still in early phases, the analyst said in a research note. She also cited competitive pressures, and said the T1D program won’t have much visibility until the end of 2023 at the earliest.
In the quarter ending June 2022, Cathie Wood owned a total of 9.7 million CRISPR Therapeutics AG (NASDAQ:CRSP) shares after strengthening her position by 4%. However, in July, Cathie Wood’s ARK Innovation ETF sold 137,836 shares of CRISPR Therapeutics AG (NASDAQ:CRSP).
According to Insider Monkey’s data, 37 hedge funds reported owning stakes in CRISPR Therapeutics AG (NASDAQ:CRSP) at the end of Q1 2022, up from 34 funds in the preceding quarter. Steven Boyd’s Armistice Capital held a notable position in the company, comprising more than 1 million shares worth $64.2 million.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 46
Coinbase Global, Inc. (NASDAQ:COIN) is an American fintech company that serves the global crypto economy. On July 26, ARK Innovation ETF discarded 1.13 million Coinbase Global, Inc. (NASDAQ:COIN) shares. This is the first time Cathie Wood dumped Coinbase Global, Inc. (NASDAQ:COIN) stock in 2022. Overall, ARK sold 1.42 million shares of the company in July and the stock slid about 21% on the announcement.
On July 12, JMP Securities analyst Devin Ryan lowered the price target on Coinbase Global, Inc. (NASDAQ:COIN) to $205 from $250 but reaffirmed an Outperform rating on the shares as part of a broader research note on Alternative Asset Managers. After another difficult quarter and with “likely some more pain ahead”, the expectations for performance have been reduced further, but the industry is moving close to factoring in a recessionary environment, the analyst told investors.
Among the hedge funds tracked by Insider Monkey, 46 funds were long Coinbase Global, Inc. (NASDAQ:COIN) at the end of Q1 2022, down from 57 funds in the prior quarter. Jim Simons’ Renaissance Technologies is one of the leading position holders in the company, with 1.05 million shares worth about $200 million.
Here is what Rowan Street has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2022 investor letter:
“The mentality of a passionate Founder/CEO drives a completely different thought process and decision-making that makes all the difference. This is a quote by Brian Armstrong, Founder and CEO of Coinbase (NASDAQ:COIN):
‘I can speak with some authority and say we are not going to do that because this is not why I started the company – I don’t have to give any other justification. Rather than the professional CEO that comes in that is accountable to Wall Street and quarterly earnings may start thinking about the company differently. One of the most scarce things in companies today is risk tolerance. For example, take Tesla vs. Waymo. Tesla launched self-driving cars while Google didn’t. The reason is the founder-CEO (Elon Musk) said that I care enough about the mission that we are ready and we are gonna go for it. Whether a professional CEO is thinking about his/her career trajectory, the founder CEO doesn’t care about the next job and only cares about the mission.’”
You can also take a look at Cathie Wood’s 10 Favorite Stock Picks For The Rest of 2022 and The 10 Stocks That Jim Cramer Is Talking About.
