ILMN - Has Illumina Lost Its Shine?
In 2016, Cathie Wood and ARK investment management described Illumina (NASDAQ: ILMN) as "the cornerstone of our Genomic Revolution theme, and one of our highest conviction stocks." Illumina became one of the largest holdings across several ARK ETFs including the ARK Innovation ETF (NYSEMKT: ARKK) and ARK Genomic Revolution ETF (NYSEMKT: ARKG) .
However, in 2020, ARK had a large change in sentiment and began selling Illumina. As of its July 2020 SEC filings, ARK held 812,714 shares valued at roughly $311 million. By the January 2021 filings, ARK had sold all its Illumina holdings. What was behind ARK's loss of conviction in Illumina?
Image source: Getty Images.
For further details see:
Has Illumina Lost Its Shine?