On July 7, Cathie Wood’s Ark Genomic Revolution ETF (NYSEMKT: ARKG) sold over 44,000 shares of BioNTech (NASDAQ: BNTX), a German immunotherapy maker.
The next day, it sold over 78,000 shares, a transaction valued at around $7.4 million
As of July 10, that left her asset management company with just 307 shares, valued at a little more than $28,000. Because Ark Invest holds positions worth millions of dollars and BioNTech is now the smallest holding in this entire exchange-traded fund (ETF), it may be fair to assume that Wood has moved on from BioNTech. What may have caused BioNTech to get the boot One thing to know about ARKG is that it’s an actively managed ETF, so it’s common for the fund to move in and out of stocks frequently.
Because Wood’s ETF has now sold most of its BioNTech shares, it appears to be moving on, freeing up capital for Ark Invest. BioNTech stock has underperformed this year; as of this writing, its price is down nearly 4% year to date and has dipped more than 17% over the last 12 months. But there are challenges ahead that could continue to send shares lower.