Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip

Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc (NYSE:PFE) as the pharma stock closed a record high after a $6.7 billion acquisition. 

Pfizer shares closed 4.59% higher at $55.20 a share on Monday. The stock has risen about 50% so far this year. 

Pfizer on Monday said it will buy Arena Pharmaceuticals Inc (NASDAQ:ARNA) in an all-cash transaction that represents a total equity value of approximately $6.7 billion. 

Brokerage UBS upgraded Pfizer stock from a Neutral rating to a Buy rating and raised the price target to $60 a share from $52.

Ark Invest has been selling shares in Pfizer over the last few sessions after months of piling up the stock. The popular investment firm owns shares in the pharma company via the flagship pharma fund, the Ark Genomic Revolution ETF (BATS:ARKG).

ARKG held 1.23 million — worth $67.97 million — in Pfizer, ahead of Monday’s trade. 

See Also: Why Pfizer Shares Are Trading Higher Today

Here are some of the other key Ark Trades on Monday:

  • Bought 50,855 shares — estimated to be worth $12.78 million — in Coinbase Global Inc (NASDAQ:COIN). Shares closed 1.72% lower at $251.37 a share on Monday.
  • Bought 260,791 shares — estimated to be worth $5.13 million — in Robinhood Markets Inc (NASDAQ:HOOD) on the dip. The stock closed 2.14% lower at $19.70 a share.
  • Ark Invest also bought shares in Roku Inc (NASDAQ:ROKU) and UiPath Inc (NYSE:PATH) and sold shares in Boeing Co (NYSE:BA), Inc (NASDAQ:AMZN).

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