Cathie Wood, the renowned tech investor and founder of Ark Invest, has outlined her investment roadmap for 2024 following her flagship fund’s impressive 70% recovery this year. Wood has identified CRISPR Therapeutics (NASDAQ: CRSP) as a key player in the biotech sector, particularly in the multiomics space. Multiomics, which involves utilizing biological data from genomics and proteomics, is seen by Wood as a “life-changing innovation.”
Despite recent challenges in the multiomics sector, including financial setbacks, Wood remains optimistic about its potential. The Food and Drug Administration (FDA) recently approved the first gene editing therapy developed by CRISPR Therapeutics and Vertex Pharmaceuticals (NASDAQ: VRTX) to treat severe sickle cell anemia.
Sickle cell anemia is a genetic blood disorder characterized by an abnormal structure of the red blood pigment, hemoglobin. The FDA approval for the gene editing therapy marks a significant milestone in addressing this condition.
In the ARK Innovation ETF (NYSE: ARKK) portfolio, CRISPR Therapeutics holds the ninth-largest position, accounting for nearly 4% of the fund’s weight. In 2023, the biotech stock experienced a notable 57% increase.
Wood’s strategic focus on CRISPR Therapeutics reflects her confidence in the company’s potential for groundbreaking innovations in the biotech space, particularly in addressing genetic disorders like sickle cell anemia. As she navigates the investment landscape for 2024, Wood’s selections highlight her commitment to staying at the forefront of transformative technologies and advancements in the healthcare sector.
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