5 Best Biotech Stocks to Buy According to Cathie Wood

4. Invitae Corporation (NYSE: NVTA)

Number of Hedge Fund Holders: 34   

Invitae Corporation (NYSE: NVTA) is a California-based genetic information company founded in 2010. It is placed fourth on our list of 10 best biotech stocks to buy according to Cathie Wood. Invitae stock has returned more than 70% to investors in the past year. ARK Investment holds close to 24 million shares in the company worth over $916 million, representing more than 1.8% of their investment portfolio. The firm offers tests related to hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases. 

On May 4, Invitae Corporation (NYSE: NVTA) posted quarterly results for the first three months of 2021, reporting earnings per share of -$0.63, beating market estimates by $0.04, and a revenue of over $103 million, up 61% year-on-year. 

At the end of the first quarter of 2021, 34 hedge funds in the database of Insider Monkey held stakes worth $2.7 billion in Invitae Corporation (NYSE: NVTA), down from 35 in the preceding quarter worth $3.4 billion. 

Just like Teladoc Health, Inc. (NYSE: TDOC), Exact Sciences Corporation (NASDAQ: EXAS), and CRISPR Therapeutics AG (NASDAQ: CRSP), Invitae Corporation (NYSE: NVTA) is one of the best biotech stocks to buy according to Cathie Wood.