Cathie Wood Just Bet Big on This Biotech Stock
Cathie Wood's ARK Genomic Revolution ETF purchased $15.3 million worth of Ionis Pharmaceuticals shares after the stock dropped nearly 37% from its 2026 high. The decline followed a surprise late-stage trial failure of eplontersen, a drug for ATTR-CM developed with AstraZeneca. Despite this setback, Wood appears to be taking a long-term view. Ionis recently received FDA approval for Tryngolza (olezarsen) to treat severe hypertriglyceridemia (sHTG), expanding its target market from 3,000 to over 3 million patients in the U.S. Tryngolza reduced acute pancreatitis events by up to 91% in trials. Ionis is shifting from a licensing model to commercializing its own drugs, capturing higher margins. The company reported Q1 revenue of $246 million, up 86% year-over-year, and expects to reach cash flow breakeven by 2028. Wall Street projects Tryngolza peak sales of $3 billion.
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