ARK Invest Stock Portfolio: Top 5 Picks

In this article, we discuss the top 5 stock picks from the ARK Invest stock portfolio. If you want to see more stocks in this selection, check out ARK Invest Stock Portfolio: Top 10 Picks. 

5. Exact Sciences Corporation (NASDAQ:EXAS)

Number of Hedge Fund Holders: 28

Exact Sciences Corporation (NASDAQ:EXAS) is a Wisconsin-based company that provides cancer screening and diagnostic test products in the United States and internationally. ARK Invest lifted its Exact Sciences Corporation (NASDAQ:EXAS) stake by 18% in Q3 2022. The Cathie Wood stock portfolio held more than 17.5 million million shares of the company worth $570.5 million, representing 3.97% of the total securities. 

On August 24, Credit Suisse analyst Dan Leonard initiated coverage of Exact Sciences Corporation (NASDAQ:EXAS) with an Outperform rating and a $55 price target. The company’s leadership role in non-invasive colorectal cancer screening is “durable”, while upcoming pipeline catalysts could “de-risk future large opportunities” like multi-cancer testing and minimal residual disease monitoring, the analyst told investors in a research note.

According to Insider Monkey’s Q2 data, 28 hedge funds were long Exact Sciences Corporation (NASDAQ:EXAS), compared to 32 funds in the prior quarter. Ken Griffin’s Citadel Investment Group is a significant position holder in the company, with 2.5 million shares worth nearly $100 million. 

Here is what RiverPark Large Growth Fund has to say about Exact Sciences Corporation (NASDAQ:EXAS) in its Q4 2021 investor letter:

“Exact Sciences: EXAS shares declined on a disappointing recovery in Cologuard screening due to COVID. Despite continued revenue growth from Precision Oncology and COVID testing, and Cologuard screening revenue growth of 30%, COVID restrictions limited access to physicians’ offices for the company’s and its Pfizer Joint Venture sales force as well as causing a severe drop off of in-person wellness visits.

In the last year, Exact has also pivoted the company significantly from its single cancer screening tests (Cologuard for colon cancer and Oncotype for breast cancer) to multi-cancer screening through its Thrive acquisition, and to minimal residual disease and recurrence monitoring through its Ashion and Tardis acquisitions. Through this pivot, Exact has tripled its market opportunity from $20 billion to $60 billion.”