Cathie Wood’s Latest Thoughts on Inflation and Her 5 Worst-Performing Stock Picks

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1. Invitae Corporation (NYSE:NVTA)

Number of Hedge Fund Holders: 29   

Loss in Share Price Year-to-Date as of June 30: 83.71%

Invitae Corporation (NYSE:NVTA) operates as a medical genetics firm. Latest data shows that ARK owned close to 27 million shares of Invitae Corporation (NYSE:NVTA) at the end of March 2022 worth $220 million, representing 0.92% of the total portfolio. In earnings results for the first quarter of 2022, posted in early May, the firm reported that net losses had widened 66% due to a rise in research and development, marketing, and sales costs. The firm said it will reduce cash burn in 2022 to extend the cash runway to 2023. 

On June 13, Benchmark analyst Bruce Jackson maintained a Buy rating on Invitae Corporation (NYSE:NVTA) stock and lowered the price target to $6 from $13. The analyst also slashed the revenue expectations for the firm in 2022. 

At the end of the first quarter of 2022, 29 hedge funds in the database of Insider Monkey held stakes worth $545 million in Invitae Corporation (NYSE:NVTA), compared to 24 in the preceding quarter worth $958 million. 

You can also take a peek at 12 Best Environmental Stocks to Invest In and 10 Best Nickel Stocks to Buy Now.

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