Cathie Wood Just Doubled Down on This Biotech Stock. Should You Follow Her Lead?
A couple of years ago, companies were going public left and right. Many of these businesses were smaller enterprises seeking access to capital markets without going through the typical filing and underwriting process with investment banks. The option these companies chose was to go public through a special purpose acquisition company (SPAC). For a fleeting moment, SPACs became all the rage.
One such company was biotech Ginkgo Bioworks (NYSE: DNA). Ginkgo Bioworks specializes in biosecurity and synthetic biology processes. The company has gotten a lot of attention from Wall Street, but the jury is out on whether Ginkgo can pull off its vision.
One of the most bullish investors in Ginkgo Bioworks is Cathie Wood, the CEO of Ark Invest. Just in October alone Wood has bought roughly 5 million shares in Ginkgo Bioworks across several of her exchange-traded funds (ETFs). Let's dig into Ginkgo's operation and determine if the stock is worth a closer look for your portfolio.
Source Fool.com
