5 Genomics Stocks in Cathie Wood’s Portfolio That Are Underperforming

4. Invitae Corporation (NYSE:NVTA)

Number of Hedge Fund Holders: 24

Decline in Share Price in the Last 6 Months: 65.96%

Based in San Francisco, California, Invitae Corporation (NYSE:NVTA) is a biotechnology company that is involved in medical-grade genetic testing. Shares of Invitae Corporation (NYSE:NVTA) have been consistently held by ARK Investment Management since Q1 2018, and in the fourth quarter of 2021, the hedge fund elevated its stake in Invitae Corporation (NYSE:NVTA) by 4%. The fund owned 26.70 million shares of the company, worth $407.7 million, accounting for 1.24% of the total 13F securities. 

After the Q3 earnings and revenue miss, Wells Fargo analyst Dan Leonard lowered the price target on Invitae Corporation (NYSE:NVTA) to $25 from $35.

According to the Q4 database of Insider Monkey, Casdin Capital held one of the leading stakes in Invitae Corporation (NYSE:NVTA), with 12.20 million shares worth $186.35 million. Overall, 24 hedge funds were bullish on the stock in the fourth quarter of 2021.