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Ark Genomic Revolution ETF acquires Atai shares, Psychedelic Company backed by PayPal founder

Ark Genomic Revolution ETF acquires Atai shares, Psychedelic Company backed by PayPal founder

✍ February 10, 2022 – 1:05 p.m.

Biotechnology Investment Fund, ETF Ark Genomic Revolution (BATS: ARKG), created and managed by Cathie Wood, is adding a new psychotropic drug company to its portfolio.

What happened?

investment funds ETF Ark Genomic Revolution (BATS: ARKG) added 83,278 shares in the psychotropic drug company Atai life sciences (NASDAQ: ATAI).

Related topics: How to invest in Psychedelic stocks

Atai’s shares are about 0.01% of the fund’s assets and are the lowest of the 53 it manages.

Atai var third company of psychotropic drugs to become public in June 2021, after Mind Medicine Inc. (NASDAQ: MNMD) and Compass track (NASDAQ: CMPS).

Atai has 10 programs in development to treat mental health disorders.

Because it’s important?

Ark Genomic ETF is one of the best known biotech investment funds. Despite falling by 34% last year, the ETF has still risen by over 39% in the last three years.

Atai is supported by Pétur Thielco-founder PayPal and Palantir technology (NYSE: PLTR). Wood invested in Palantir shares for USD 313 million, corresponding to 2.6% of the fund Ark Innovation ETF (ARCA: ARKK) which she runs.

Neither Mind Medicine nor Compass was added to the ARKG fund, as indicated ATAI could be the preferred psychiatric ward of the ETF Manager.

Related topics: ATAI Psychedelic Company increases its participation in compass routes

In addition, Atai has a participation in Compass, which could be a way to build on the success of both companies.

price action

On Wednesday, ATAI shares rose 14% to $ 5.75.

Through Benzingatranslated by El Planteo.

Photo by FLY: D Through Unsplash

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