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<ul class="summary-list"><li>The <keyword id="77894" type="PERSON" weightage="60" keywordseo="Genetic-testing">genetic testing</keyword> company <keyword id="11050415" type="UNKNOWN" weightage="60" keywordseo="invitae">Invitae</keyword> is set to receive a $1.2 billion investment led by <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">Softbank</keyword>.</li><li>Invitae also announced it will acquire a genomics company, Genosity, in a $200 million deal.</li><li>The firm turned in revenues of $280 million and a net loss of $602 million for the full year 2020.</li></ul><a href="https://markets.businessinsider.com/stocks/nvta-stock">Invitae</a> stock surged as much as 7% on Monday after a report out of the Wall Street Journal said Softbank plans to lead a $1.2 billion investment in the San Francisco-based genetic testing company.The investment will come in the form of convertible debt and allow Invitae to expand its current genetic testing operations, <a href="https://www.wsj.com/articles/softbank-to-lead-1-2-billion-investment-in-genetic-testing-company-invitae-11617597250">per WSJ.</a>The convertible debt notes have an initial conversion price of $43.18 per share. Invitae shares closed at $39.19 on Thursday.The Inviate stake is the second sizeable investment from Softbank into a medical sciences company in the past few months.The Japanese conglomerate also invested $900 million into the convertible debt of <a href="https://markets.businessinsider.com/stocks/pacb-stock">Pacific Biosciences</a>, a next-generation DNA-sequencing systems firm, back in February.Invitae announced plans to acquire the genomics company <a href="https://www.genosity.net/">Genosity</a> on Monday as well. The genetic testing company plans to use Genosity's holdings to enhance its personalized oncology offerings.Under the terms of the deal, Invitae will spend $200 million on the acquisition, consisting of approximately $120 million in cash and $80 million in Invitae shares. The deal is expected to close in the second quarter.Softbank is the second big name to come out in support of Invitae.In a <a href="https://www.cnbc.com/video/2021/03/08/cathie-wood-says-invitae-is-an-under-appreciated-stock.html">CNBC interview</a> in March, <a href="https://www.businessinsider.com/cathie-wood-ark-invest-etf-bio-tesla-portfolio-reddit-profile-2021-2">Cathie Wood</a> of Ark Invest said Invitae "is probably one of the most important companies in the genomic revolution."Wood argued Inviate is "investing aggressively to be the leader in the diagnostics testing space" and that a "move towards personalized testing is going to give a few companies the lion's share of the market." Despite the recent support from big names like Wood and Softbank, Invitae continues to struggle with profitability. The company turned in revenues of roughly $280 million in 2020 while posting a $602 million net loss, according to the <a href="https://ir.invitae.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=14752672">annual 10-K SEC filing</a>.Invitae traded up 3.29%, at $40.45 per share, as of 3:43 p.m. ET on Monday.<div type="image" title="Invitae chart 4" height="653" width="827" msid="81921324" hostid="261"></div>

Invitae surges after report says Softbank will lead a $1.2 billion investment in the genetic-testing company

<ul><li><keyword id="11898779" type="UNKNOWN" weightage="60" keywordseo="ark-invest" source="Orion">Ark Invest</keyword>'s no-good 2021 spilled into 2022 with a 7% decline in its flagship fund on Tuesday.</li><li>The ETF was slammed by a continued sell-off in <keyword id="12011385" type="UNKNOWN" weightage="60" keywordseo="growth-stocks" source="Orion">growth stocks</keyword> amid a spike in bond yields.</li><li>Probabilities of a potential interest rate hike by the Federal Reserve this March spiked to 63%.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>A spike in bond yields on Tuesday led to a continued sell-off in high-growth tech stocks that sport little-to-no profits and sky-high valuations.That dinged <keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword>'s <keyword id="12298696" type="UNKNOWN" weightage="60" keywordseo="ark" source="Orion">Ark</keyword> Invest, which saw its flagship <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040">Disruptive Innovation ETF</a> continue <a href="https://markets.businessinsider.com/news/etf/ark-invest-worst-return-since-inception-cathie-wood-prediction-flops-2021-12">its sharp underperformance from 2021</a> and drop by as much as 7% in Tuesday trades.The damage in Ark's portfolio was widespread, with only three of its 45 holdings in the green over the past two-days, according to data from <a href="https://koyfin.com">Koyfin</a>. That's despite a more than 1% gain for the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> on Tuesday.Ark's portfolio gains are led by <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, which surged 14% on Monday after it reported <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-beats-q4-estimates-deliver-308600-vehicles-musk-2022-1?utm_medium=ingest&amp;utm_source=markets">blowout fourth-quarter vehicle deliveries.</a>Meanwhile, the portfolio's losses were led by <a href="https://markets.businessinsider.com/stocks/rblx-stock">Roblox</a>, <a href="https://markets.businessinsider.com/stocks/shop-stock">Shopfiy</a>, and <a href="https://markets.businessinsider.com/stocks/u-stock">Unity Software</a>, which plunged as much as 10% in Tuesday trades. Ark <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-2022-sold-tesla-stock-bought-palantir-teladoc-2022-1">is making portfolio moves</a> based on its daily <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> updates. In Monday's session, Ark bought the dip in <a href="https://markets.businessinsider.com/stocks/tdoc-stock">Teladoc</a> and <a href="https://markets.businessinsider.com/stocks/nvta-stock">Invitae</a> while it trimmed its position in Unity Software.Ark's move lower came as the 10-year US Treasury yield rose to 1.68%, the highest in more than two months and a significant increase from last week's close of about 1.50%.Expectations of higher inflation and anticipation of a tightening Federal Reserve have mainly contributed to the bond-yield surge. Fed fund futures now show a 63% chance that the Fed increases <keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates" source="Orion">interest rates</keyword> at its upcoming March meeting, up sharply from last month's reading of 27%, according to DataTrek. Rising interest rates are seen by investors as a negative headwind for high-growth stocks for a number of reasons. They mean a higher discount rate for stock valuation models, which leads to compressed multiples. And rising yields in fixed income securities weakens the argument that there is no alternative to buying growth stocks.But if 2021 showed investors anything, it's that a lot can change in a short period of time. And with 249 trading days left in the new year, Wood and co. have plenty of time left to attempt a reversal of its negative performance from 2021 -- that is, if it can overcome the threat of higher interest rates.<div type="image" title="Ark Invest" height="492" width="624" msid="88698439" hostid="261"></div>

Cathie Wood's flagship Ark ETF slides 7% amid interest rate spike as underperformance spills into 2022

<ul><li><keyword id="11898779" type="UNKNOWN" weightage="60" keywordseo="ark-invest" source="Orion">Ark Invest</keyword>'s flagship ETF has suffered a year-to-date decline of 24% as investors shy away from unprofitable tech companies.</li><li>Despite the decline, <keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword> has reiterated her view that innovation stocks are in value territory.</li><li>These are the 10 most beaten-down stocks in Ark Invest's flagship Disruptive Innovation ETF.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Investors in <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040">Ark Invest's flagship portfolio</a> have endured a tough 2021, with Cathie Wood's ETF down 24% year to date while the S&amp;P 500 is up about 23%.The reversal in the once-hot ETF has occurred amid a rotation out of high-growth tech stocks that are often unprofitable, in favor of more stable companies that have a proven history of delivering profits despite economic uncertainty.Now, what was once incredibly strong positive momentum for the tech trade has reversed to consistent negative momentum, leading to a nosedive of more than 80% from record highs. The sell-off has been compounded by the Federal Reserve's recent decision to speed up the tapering of its monthly bond purchases, as well as its guidance for multiple interest rate hikes in 2022.But Wood <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-forecasts-big-returns-innovation-stocks-value-ark-invest-2021-12">is staying bullish on her investment strategy</a> of buying innovative companies with little to no profits. In a blog post on Friday, Wood said the stocks ARK Invest owns are now in "deep value territory" and predicted monster annualized returns of 40% over the next five years.These are the 10 most beaten-down stocks in Ark Invest's flagship Disruptive Innovation ETF as of December 20. All data was sourced from <a href="https://koyfin.com">Koyfin</a>. 10. 2U, IncTicker: <a href="https://markets.businessinsider.com/stocks/twou-stock">TWOU</a> % Below 52-Week High: -66% Market Capitalization: $1.6 billion<div type="image" title="2U stock chart" height="492" width="628" msid="88399913" hostid="261"></div>9. Signify HealthTicker: <a href="https://markets.businessinsider.com/stocks/sgfy-stock">SGFY</a> % Below 52-Week High: -66% Market Capitalization: $3.2 billion<div type="image" title="SGFY chart" height="499" width="629" msid="88399916" hostid="261"></div>8. Teladoc HealthTicker: <a href="https://markets.businessinsider.com/stocks/tdoc-stock">TDOC</a> % Below 52-Week High: -69% Market Capitalization: $15.3 billion<div type="image" title="Teladoc chart" height="495" width="629" msid="88399918" hostid="261"></div>7. Editas MedicineTicker: <a href="https://markets.businessinsider.com/stocks/edit-stock">EDIT</a> % Below 52-Week High: -70% Market Capitalization: $2.0 billion<div type="image" title="EDIT chart" height="496" width="624" msid="88399920" hostid="261"></div>6. CompugenTicker: <a href="https://markets.businessinsider.com/stocks/cgen-stock">CGEN</a> % Below 52-Week High: -71% Market Capitalization: $380.0 million<div type="image" title="CGEN chart" height="498" width="627" msid="88399923" hostid="261"></div>5. MaterialiseTicker: <a href="https://markets.businessinsider.com/stocks/mtls-stock">MTLS</a> % Below 52-Week High: -72% Market Capitalization: $1.4 billion<div type="image" title="MTLS chart" height="509" width="629" msid="88399924" hostid="261"></div>4. InvitaeTicker: <a href="https://markets.businessinsider.com/stocks/nvta-stock">NVTA</a> % Below 52-Week High: $3.8 billion Market Capitalization: -72%<div type="image" title="NVTA chart" height="507" width="623" msid="88399925" hostid="261"></div>3. Robinhood <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword>Ticker: <a href="https://markets.businessinsider.com/stocks/hood-stock">HOOD</a> % Below 52-Week High: -79% Market Capitalization: $15.2 billion<div type="image" title="Robinhood chart" height="499" width="627" msid="88399927" hostid="261"></div>2. Skillz Inc.Ticker: <a href="https://markets.businessinsider.com/stocks/sklz-stock">SKLZ</a> % Below 52-Week High: -83% Market Capitalization: $3.2 billion<div type="image" title="Skillz chart" height="496" width="628" msid="88399928" hostid="261"></div>1. Berkeley LightsTicker: <a href="https://markets.businessinsider.com/stocks/bli-stock">BLI</a> % Below 52-Week High: -83% Market Capitalization: $1.3 billion<div type="image" title="BLI chart" height="496" width="629" msid="88399930" hostid="261"></div>

These are the 10 most beaten-down stocks in Ark Invest's flagship fund as momentum fades for innovative tech bets

<ul><li><keyword id="2995501" type="PERSON" weightage="60" keywordseo="Editas">Editas</keyword> Medicine soared as much as 50% on Monday to record highs amid recently commentary from <keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">ARK Invest</keyword> founder <keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword> saying genomic <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> will drive returns for her investment portfolios over the next five years.</li><li>In an interview with Bloomberg on Friday, Wood said her and her team believes "the next FANG [stocks] are in the genomic age," adding that healthcare is the largest sector exposure in <keyword id="1041631" type="CITY" weightage="60" keywordseo="ARK">ARK</keyword>'s flagship disruptive innovation ETF.</li><li>Editas Medicine is the 11th-largest holding in the ARK Innovation ETF, and <keyword id="1931629" type="PERSON" weightage="60" keywordseo="CRISPR">CRISPR</keyword> Therapeutics is the second largest, according to data from ARK Invest.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/edit-stock">Editas Medicine</a>, a genome editing company that utilizes CRISPR technology, soared as much as 50% to new all-time highs on Monday. There was no official news from the company to explain the move higher.The move does follow a <a href="https://www.youtube.com/watch?v=oTYz1eOhK0I">Friday interview conducted by Bloomberg</a> with ARK Invest founder Cathie Wood, who explained that she sees genomic stocks driving the bulk of the gains for her flagship fund over the next five years."The biggest upside surprises are going to come from the genomic space, and that's because the convergence of DNA sequencing, artificial intelligence, and gene therapies are going to cure disease," Wood said.Wood, who is the portfolio manager of ARK's flagship <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040">ARK Innovation ETF</a> (ARKK), has made healthcare the biggest sector exposure for the portfolio, even eclipsing technology.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-top-pick-in-each-sp500-sector-bofa-2020-12" target="_blank" rel="noopener">Bank of America unveils its top stock pick in each of the 11 S&amp;P 500 sectors and explains why they're poised to dominate in the year ahead</a>"We actually think the next 'FANG' [stocks] are in the genomic age," Wood said. The potential for genomic stocks could be massive, according to Wood, who foresees a combination of artificial intelligence and gene editing allowing scientists to anticipate and cure diseases like sickle cell disease and diabetes.Wood has put her money where her mouth is. Behind <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, the third largest holding in the ARKK ETF is <a href="https://markets.businessinsider.com/stocks/crsp-stock">CRISPR Therapeutics</a>, a gene editing company that makes up 5.7% of the fund.Other genomic stocks within the portfolio include <a href="https://markets.businessinsider.com/stocks/nvta-stock">Invitae Corporation</a>, Editas Medicines, and <a href="https://markets.businessinsider.com/stocks/ntla-stock">Intellia Therapeutics</a>, which make up 4.9%, 2.7%, and 2.2% of the fund, respectively.Shares of ARKK surged as much as 4% on Monday, while Crispr Therapeutics surged 19%, Invitae Corporation jumped 6%, and Intellia Therapeutics gained 24%.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-small-caps-for-2021-bofa-2020-12" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 26 cheap and fundamentally rock-solid stocks before the economic rebound sends them soaring in 2021</a><div type="image" title="editas32.JPG" height="629" width="844" msid="79848023" hostid="261"></div>

Editas surges 50% as ARK founder Cathie Wood sees genomic stocks driving returns for the next 5 years

<ul><li><keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword>'s flagship <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040?utm_source=markets&amp;utm_medium=ingestgest">ARK Innovation ETF</a> rebounded on Tuesday with a 10% gain.</li><li>Tech heavyweights rallied following a steep selloff in the previous session as US bond yields retreated.</li><li><keyword id="10433060" type="UNKNOWN" weightage="60" keywordseo="arkk">ARKK</keyword> was buoyed by the rise in <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, its biggest holding, which soared as much as 17%. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Cathie Wood's <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040?utm_source=markets&amp;utm_medium=ingestgest">ARK Innovation ETF (ARKK)</a> rebounded on Tuesday by rising 10% as tech heavyweights rallied following a steep selloff in the previous session. US bond yields retreated, prompting the respite in megacap tech weakness.The flagship exchange-traded fund of Wood was buoyed by the rise in <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, its biggest holding, which soared as much as 17%. <a href="https://markets.businessinsider.com/stocks/nvta-stock">Invitae</a>, another top holding, rose 15% at intraday highs, while <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom</a> and <a href="https://markets.businessinsider.com/stocks/pltr-stock">Palantir</a> joined the upswing, both jumping more than 7%. The rebound in the tech-heavy Nasdaq - which closed in correction territory on Monday - was propelled by stabilizing bond yields.Wood has seen her fund decline in recent weeks. ARKK lost <a href="https://www.cnbc.com/2021/03/09/cathie-woods-ark-innovation-fund-is-set-for-a-big-rebound-tuesday-as-tesla-other-tech-darlings-pop.html">5.8% on Monday alone</a>, extending its decline from recent highs to 22%. Still, the <keyword id="1041631" type="CITY" weightage="60" keywordseo="ARK">Ark</keyword> Investment Management founder and CEO said she remains confident in her strategies."Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term," Wood <a href="https://www.cnbc.com/2021/03/09/cathie-woods-ark-innovation-fund-is-set-for-a-big-rebound-tuesday-as-tesla-other-tech-darlings-pop.html">told CNBC</a>. "We are getting great opportunities."Wood, often called a star stock picker, <a href="https://www.businessinsider.com/cathie-wood-profile-ark-invest-etf-rise-success-following-tesla-2021-2?r=ark-teaser?utm_source=markets&amp;utm_medium=ingestgest">rose to prominence in 2020</a> after making hugely successful bets on fast-growing companies such as Tesla.

Cathie Wood's Ark Innovation ETF rises 10% as tech heavyweights like Tesla and Zoom rally

<ul class="summary-list"><li>Ark Invest's Innovation ETF realized $3.5 billion in losses in the fiscal year ending July 2024.</li><li>Ark Invest saw an accumulated loss of $22 billion across its suite of ETFs.</li></ul>Cathie Wood's Ark Invest recently filed its annual report for its fiscal year ending July 31, and it reveals some <a target="_blank" class="" href="https://markets.businessinsider.com/news/funds/cathie-wood-ark-invest-wealth-destroyed-tech-stocks-morningstar-arkk-2024-2">steep losses.</a>Ark's flagship Innovation ETF realized $3.5 billion in losses from July 31, 2023, through July 31, 2024.Across Ark's suite of eight innovation and disruption-focused ETFs, the total accumulated loss was $21.7 billion, according to the annual report.The past few years have been tough for the kinds of speculative growth stocks Ark funds have focused on. The losses for its funds followed the deflation of the speculative trade in 2021, as investors fled the kinds of money-losing companies in which Ark Invest is heavily invested amid high inflation and rising interest rates.The Financial Times flagged <a target="_blank" class="" href="https://www.ft.com/content/64e79fa0-e260-48e0-aa7f-4f045ba68f3d">a now-deleted thread on X in July,</a> in which Ark CEO Cathie Wood defended her fund's losses by arguing that they're an "under-appreciated asset associated with our strategies." "As a result, our trading-related capital tax losses should offset trading-related capital tax gains for years, an under-appreciated asset associated with our strategies," Wood said in the post.The Ark Innovation ETF is down 9% year-to-date and off 70% from its record high.Ark Invest did not respond to a request for comment.Here are the stocks in Ark Invest's flagship ETF that saw the biggest realized losses for the fiscal year ending July 31.10. Veracyte<div type="image" title="VCYT stock" height="568" width="671" msid="114293999" hostid="261" sizebytes="19232"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/vcyt-stock">VCYT</a> Ark's Realized Loss: $6.8 million9. PagerDuty<div type="image" title="PD stock" height="569" width="666" msid="114293993" hostid="261" sizebytes="18982"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/pd-stock">PD</a> Ark's Realized Loss: $10.0 million8. Beam Therapeutics<div type="image" title="BEAM stock" height="587" width="667" msid="114294001" hostid="261" sizebytes="21228"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/beam-stock">BEAM</a> Ark's Realized Loss: $47.3 million7. Twist Bioscience<div type="image" title="TWST stock" height="612" width="670" msid="114293997" hostid="261" sizebytes="21936"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/twst-stock">TWST</a> Ark's Realized Loss: $50.0 million6. 2U<div type="image" title="2U" height="1266" width="1420" msid="114293998" hostid="261" sizebytes="41134"></div>Ticker: Delisted (Bankruptcy) Ark's Realized Loss: $195.4 million5. UiPath<div type="image" title="UIPATH stock" height="570" width="664" msid="114293995" hostid="261" sizebytes="16812"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/path-stock">PATH</a> Ark's Realized Loss: $270.9 million4. Invitae<div type="image" title="Invitae Genomics Test Kit Sample" height="2446" width="3977" msid="114294002" hostid="261" sizebytes="106306"></div>Ticker: Delisted (Bankruptcy) Ark's Realized Loss: $453.4 million3. Roku<div type="image" title="Roku stock" height="567" width="662" msid="114293994" hostid="261" sizebytes="17568"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/roku-stock">ROKU</a> Ark's Realized Loss: $467.3 million2. Ginkgo Bioworks<div type="image" title="DNA stock" height="610" width="668" msid="114294003" hostid="261" sizebytes="19884"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/dna-stock">DNA</a> Ark's Realized Loss: $510.3 million 1. Teladoc Health<div type="image" title="Teladoc stock" height="567" width="661" msid="114294000" hostid="261" sizebytes="16632"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tdoc-stock">TDOC</a> Ark's Realized Loss: $1.50 billion

Ark Invest's flagship fund realized $3.5 billion in losses in a year. Here were its 10 biggest losers.

<ul><li>Cracks are starting to form in the resiliency of Ark Invest's retail-driven shareholder base.</li><li>Cathie Wood's flagship fund has suffered its largest monthly withdrawal in nearly a year at $820 million.</li><li>Ark Invest's main ETF has seen lackluster performance since its February 2021 peak, falling 75%.</li></ul>Cracks are beginning to form in the resiliency of Ark Invest's retail-driven shareholder base, as its flagship fund suffers its biggest outflow in nearly a year.The Ark Invest <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040?miRedirects=1">Disruptive Innovation ETF</a> saw outflows of $820 million in August, just shy of its September 2021 outflow of $939 million, according to data from <a href="https://etfdb.com/etf/ARKK/#fund-flows">VettaFi</a>.The about-face could mark the beginning of a reversal of a more than year-long trend in which Ark <a href="https://markets.businessinsider.com/news/etf/ark-invest-billion-net-inflows-despite-price-decline-cathie-wood-2022-5">saw positive inflows from its investors despite flagging performance.</a> Year-to-date, the flagship ETF has seen about $1 billion in inflows.Ark Invest CEO Cathie Wood has chalked up the resiliency of her investor base to Ark's practice of being transparent with its investment research and long-term views."Ark is net inflowing this year, and I think it's because we give away our research, and our research is unique. It's original research. And we're trying to help people understand how the world is going to change during the next five to 10 years, and how rapidly it's going to change," she said in a video update earlier this year.But now investors may be growing tired of the consistent underperformance in the once-hot thematic ETF. Since its peak in February 2021, Ark's flagship fund has lost 75%, as a series of <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-powell-inflation-jackson-hole-speech-el-erian-markets-2022-8">aggressive interest rate hikes from the Federal Reserve</a> and elevated inflation concerns put a big dent in longer-duration stocks that are not yet profitable.Ark's flagship fund has lost 56% year-to-date, more than double the Nasdaq 100's decline of 25% over the same time period. Of the 36 holdings in Ark's flagship ETF, only two have generated a positive return over the past year: <a href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1">Tesla</a> and <a href="https://markets.businessinsider.com/stocks/sgfy-stock?miRedirects=1">Signify Health</a>, according to data from <a href="https://app.koyfin.com">Koyfin</a>.Meanwhile, a handful of stocks in Ark's portfolio are down upwards of 90% over the past year, including <a href="https://markets.businessinsider.com/stocks/bli-stock?miRedirects=1">Berkeley Lights</a> and <a href="https://markets.businessinsider.com/stocks/nvta-stock?miRedirects=1">Invitae Corporation,</a> and Ark isn't afraid of buying the dip in its losing stocks.Adding to Ark's underperformance has been its steadfast commitment to increasing its exposure to fledging tech stocks that saw a boom during the peak work-from-home era, with <a href="https://markets.businessinsider.com/stocks/nvta-stock?miRedirects=1">Zoom Video</a> and <a href="https://markets.businessinsider.com/stocks/roku-stock?miRedirects=1">Roku</a> being its two largest holdings. Meanwhile, the fund has been building sizable positions in unproven biotech firms <a href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1">Ginkgo Bioworks</a> and <a href="https://markets.businessinsider.com/stocks/beam-stock?miRedirects=1">Beam Therapeutics</a>, among others.But despite the recent outflows and poor performance, Ark Invest still commands a sizable investment base relative to other thematic ETF providers. Ark's flagship fund has $8 billion in assets under management, a considerable amount despite its sizable fall from a peak of about $28 billion in early 2021.

Cathie Wood's flagship ARK fund suffers biggest monthly outflow in nearly a year as performance continues to suffer

<a href="https://markets.businessinsider.com/stocks/pacb-stock"></a><ul class="summary-list"><li>Pacific Biosciences stock skyrocketed on Wednesday amid a reported $900 million investment from SoftBank.</li><li>SoftBank's SB NorthStar unit will buy $900 million of notes with an initial conversion price of $43.50 per share.</li><li>The SB NorthStar unit reported losses of $1.6 billion in SoftBank's most recent earnings release. </li></ul><a href="https://markets.businessinsider.com/stocks/pacb-stock">Pacific Biosciences</a> spiked as much as 29% on Wednesday before paring gains after <a href="https://investor.pacificbiosciences.com/news-releases/news-release-details/pacific-biosciences-announces-900-million-investment-softbank">the company revealed</a> that <a href="https://markets.businessinsider.com/stocks/sftby-stock">Softbank</a> plans to invest $900 million into its business.The $900 million investment, which will be in the form of convertible debt, will come from the recently established asset-management arm of SoftBank, SB NorthStar. The investment adds to the unit's roughly 6% current stake Pacific Biosciences.The Menlo Park, California-based company is a genomics systems developer that focuses on providing state-of-the-art DNA-sequencing equipment to scientists."This strategic investment by SoftBank validates our leadership position in the long-read DNA sequencing market and enables us to further accelerate our growth strategies", said Christian Henry, President and Chief Executive Officer of Pacific Biosciences.Read more: <a href="https://www.businessinsider.com/sports-betting-outlook-betmgm-mgm-entain-investing-tips-strategy-draftkings-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">The CEO of the sports-betting app BetMGM breaks down his outlook for the industry - and shares 3 pieces of advice for investors targeting the sector</a>.SB NorthStar came under scrutiny for <a href="https://www.businessinsider.com/softbanks-northstar-unit-reports-about-37-billion-in-losses-2020-11">producing $3.7 billion in trading losses</a> using risky options strategies in late 2020. Though the unit recovered in SoftBank's <a href="https://group.softbank/en/ir">most recent earnings release</a>, it reported $1.6 billion in losses.The group recently made some winning investments to help right the ship however, including a $215 million bet on a Norwegian online-educational game platform called Kahoot and a $690 million stake in the Swedish cloud communications company Sinch.Pacific Biosciences has had a remarkable run since July, with shares up 1,167%. The company has benefitted from new management and a joint venture with Invitae Corp., a medical-genetics company, to develop epilepsy tests.A 15-year, <a href="https://www.businesswire.com/news/home/20200113005753/en/Illumina-Announces-New-Sequencing-System-Partnership-Roche">non-exclusive deal</a> with <a href="https://markets.businessinsider.com/stocks/rhhvf-stock">Roche</a> to help increase the availability of next-generation sequencing-based in vitro diagnostic (IVD) tests has also added to the growth story.PacBio had planned a $1.2 billion merger with larger competitor <a href="https://markets.businessinsider.com/stocks/ilmn-stock">Illumina</a> about a year ago, but the deal fell through after anti-monopoly regulatory agencies in the United States and the UK began asking questions.PacBio received a $98 million "reverse termination fee" when the deal failed to go through, but now the company will be forced to return $52 million of that sum because the SoftBank deal is considered a "change of control" transaction.Read More: <a href="https://www.businessinsider.com/stocks-to-buy-16-high-conviction-picks-outperform-credit-suisse-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Credit Suisse says to buy these 16 'highest-conviction' stock picks that are set to outperform despite the market's contrarian view</a>."We believe that PacBio's [technology] will be the de facto standard tool for population genomics, fundamentally altering the practice of health care," said Akshay Naheta, CEO of SB Management, which runs the Northstar portfolio.Pacific Biosciences CEO, Christian Henry, said the investment will also enable the company to lower prices for its systems, <a href="https://www.wsj.com/articles/softbank-to-make-900-million-investment-in-pacific-biosciences-11612921031">per the Wall Street Journal</a>.Shares of Pacific Biosciences traded up nearly 17%, at $46.25 per share as of 10:49 AM EST on Wednesday.

Pacific Biosciences spikes 29% after announcing a $900 million investment from SoftBank

<ul class="summary-list"><li>Two of the biggest consumer genetics companies - <a href="https://www.businessinsider.com/consumer-genetics-company-23andme-lays-off-100-employees-2020-1">23andMe</a> and <a href="https://www.businessinsider.com/genealogy-giant-ancestry-lays-off-employees-2020-2">Ancestry</a> - have recently laid off workers, citing a slowdown in the market for their tests. </li><li>Consumers aren't flocking to send their spit into genetic testing companies in as high a numbers as the industry expected, an issue the industry has sounded the alarm on for the past six months. </li><li>Industry experts aren't expecting that market to ever come back, forcing the companies to adopt new strategies. Here's where the companies are betting the industry could go from here. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>The consumer DNA-testing market has officially cooled off. Tests like Ancestry's and 23andMe's <a href="https://www.businessinsider.com/amazon-cyber-monday-best-sellers-2018-11">for years</a> had been <a href="https://www.businessinsider.com/amazon-top-selling-items-on-black-friday-2017-11">best-selling gifts</a> of the holiday seasons, according to Amazon.In 2019, the <a href="https://www.businessinsider.com/amazon-cyber-monday-top-selling-items-2019-12">tests didn't make the list</a>. It wasn't the first warning that the consumer genetics market was headed for a slowdown. That came from Illumina, the genetics giant that makes all the tech these companies uses to read info about your genes. In July, the company noted "softness" in the market.Illumina said its business segment that includes its work with Ancestry and 23andMe saw sales slump 12% last year. Within that segment, tests like those from Ancestry and 23andMe made up 50% of revenue in 2018 and 40% in 2019. Illumina's expecting that to drop further to 30% this year."The market's been down and we don't see that coming back next year," Vijay Kumar, an analyst at Evercore ISI who covers Illumina <a href="https://www.businessinsider.com/dna-testing-business-strategy-23andme-ancestry-helix-2019-11">told Business Insider in November 2019</a>. In the past few weeks, the clearest signs that the consumer-genetics fad is ending has come from the giants themselves. <a href="https://www.businessinsider.com/genealogy-giant-ancestry-lays-off-employees-2020-2">Ancestry</a> and <a href="https://www.businessinsider.com/consumer-genetics-company-23andme-lays-off-100-employees-2020-1">23andMe</a> have laid off roughly 100 employees apiece, representing 6% and 14% of their total staffs, respectively. The companies both cited the slowdown in the consumer genetics market as the reason.Never miss out on healthcare news. <a href="http://newsletter.businessinsider.com/join/health-insider">Subscribe to Dispensed</a>, our weekly newsletter on pharma, biotech, and healthcare. <h2>What's causing the slowdown?</h2>Over the years, consumer genetics companies had grown to massive sizes. Ancestry has more than 16 million users, while 23andMe has 10 million users who've shipped off their spit with the hopes of learning more about their family trees, genetic traits, or even some health information. Along the way, there have been <a href="https://www.businessinsider.com/future-healthcare-dna-genetic-testing-23andme-2018-12">been</a> <a href="https://www.businessinsider.com/privacy-security-risks-genetic-testing-23andme-ancestry-dna-2019-2">flags raised about ethics and privacy</a>, along with a slew of tough questions about <a href="https://www.wsj.com/articles/a-white-woman-searches-for-her-black-family-11572625171">identity</a> and <a href="https://www.nytimes.com/2019/06/29/reader-center/sperm-donor-siblings.html">family</a>.As demand recedes, consumer genetics companies have to figure out what comes next."The fad's over," Luke Sergott, an analyst at Evercore ISI, told Business Insider <a href="https://www.businessinsider.com/dna-testing-business-strategy-23andme-ancestry-helix-2019-11">in November.</a>In a blog post last week announcing the layoffs, Ancestry CEO Margo Giordiadis noted that the DNA market is at an "inflection point" now that most of the early adopters have taken a test. "Future growth will require a continued focus on building consumer trust and innovative new offerings that deliver even greater value to people," Giordiadis <a href="https://blogs.ancestry.com/ancestry/2020/02/05/our-path-forward/">said in the blog post</a>.Privacy is another big concern highlighted by industry experts and the <a href="https://www.cnbc.com/2020/01/23/23andme-lays-off-100-people-ceo-anne-wojcicki-explains-why.html">heads</a> of the consumer genetics companies alike.In the past few years there's also been the concern of what happens if this information gets into the wrong hands. In June, laboratory giants Quest and LabCorp reported massive data breaches, in which the <a href="https://www.cnn.com/2019/06/04/tech/labcorp-hack/index.html">billing information of millions</a> of patients was compromised.<h2>Moving from ancestry to health </h2>As the slowdown in the consumer genetics market hits the industry, it appears to be hitting companies offering ancestry tests to trace family histories back generations the hardest. "Along with other players in the sector, we've seen a contraction in the ancestry submarket as players shift their focus and their ordering patterns," Stephen Tang, the CEO of Orasure, the company that makes the sample collection tubes for some of the DNA-testing companies, said in a presentation at the J.P. Morgan Healthcare Conference <a href="https://www.businessinsider.com/category/jpm20">in early January</a>."At the same time, we see a pivot from individuals who are primarily interested in their genealogy or heritage into more serious views of their health, which we call disease risk management," he said.In October, <a href="https://www.businessinsider.com/ancestry-ceo-margo-georgiadis-on-launch-of-health-dna-tests-2019-10">Ancestry launched its first health products,</a> an area it's long avoided in favor of sticking with genealogy reports. The company has already started selling one new health product, AncestryHealth Core, and plans to offer a second, AncestryHealth Plus, this year. Both products will provide information like carrier status for genetic conditions, cancer risk, and wellness reports and can help users get a sense of their family health history as well as ancestry.Unlike tests from rivals like 23andMe, Ancestry requires a doctor to be involved in ordering the tests and interpreting the results. The company is also hoping that paying a subscription fee for updates to reports could be a way to a sustainable business. Through the AncestryHealth Plus product, the hope is to have users pay roughly $100 a year for quarterly updates with new insights about their health. <h2>23andMe's therapeutics team wasn't affected by the layoffs</h2>23andMe for its part has had health as part of its products since it got reinstated by the FDA in 2015. The company also has a business arm devoted to <a href="https://www.businessinsider.com/why-23andme-is-developing-drugs-based-on-its-data-2017-9/">developing therapeutics based on the information it collects</a>. As part of 23andMe's layoffs, about 100 employees were let go in departments across the organization in an effort to scale back on work that isn't core to the consumer testing and therapeutics businesses, a spokesman <a href="https://www.businessinsider.com/consumer-genetics-company-23andme-lays-off-100-employees-2020-1">told Business Insider in January</a>. The therapeutics team was not affected, he said.Over the coming year, 23andMe will have to look critically at its business model, as historically a company that provides a genetics test. "The business model has definitely evolved," 23andMe CEO Anne Wojcicki said in an October interview. "Because it was very much about one and done, and we still see a lot of our customers as being super engaged."<h2>The growing business of selling to health systems </h2>For some companies offering genetics tests, marketing directly to consumers is no longer the main goal. When asked if the consumer genetics market will ever come back, for some the answer is straightforward. "No," was the response from <a href="https://www.businessinsider.com/30-under-40-health-tech-leaders-2018-6#nish-bhat-30-and-othman-laraki-39-are-bringing-cancer-and-heart-condition-screening-genetic-tests-to-the-masses-5">Othman Laraki</a>, the CEO of Color, in a January conversation with Business Insider. The way he thinks about it, there are a few paths that could make the genetic testing space explode.One is via entertainment. He thinks, "Is there a much bigger market for entertaining people based on their genetics?" That's a harder sell when going up against video games and movies and TV.The second would be its use in medical care. That's where Color has increasingly been making its bet over the last three years. In January the company raised an <a href="https://blog.color.com/color-news-from-jpm-2020-892d11932a08">additional $75 million</a> in a round led by T. Rowe Price and Viking Global Investors. Color,<a href="https://www.businessinsider.com/genetics-test-for-cancer-cholesterol-2018-5"> a consumer genetics company that provides a physician-ordered test,</a> has been partnering with<a href="https://www.color.com/health-systems"> health systems</a> and<a href="https://blog.color.com/color-and-verily-partner-to-return-actionable-genetics-to-project-baseline-health-study-f811511b4e03"> life-sciences companies like Verily</a> to provide genetic screenings. "Our bet from the beginning has always been like that, it's 100% the only way that genetics is going to happen at scale," Laraki said.<h2>Invitae and Helix are also working with health systems</h2>And Color isn't alone in this approach. Invitae, <a href="https://www.businessinsider.com/northshore-university-healthsystem-genetic-testing-in-primary-care-2017-8">another provider of genetic tests</a>, works with health systems as well to provide the test, as does Helix. When Illumina spun out Helix in 2015 with <a href="https://www.businessinsider.com/what-helix-could-learn-from-genome-sequencing-for-you-2015-8">$100 million in funding</a>, it had the lofty goal of becoming something like an "app store" for your genetics. That is, instead of sending in new samples for each test, Helix could reanalyze the sample again and again for different tests - whether for ancestry, wine preferences, wellness, or more health-focused screens. The "app store" officially launched in 2017, at which point Helix appealed to consumers directly to send in their samples. That ultimately didn't pan out, and now Helix has its eyes set on health system partnerships. Working with partners instead has helped Helix extend its reach. For instance, in 2018, Helix started supplying tests for the <a href="https://healthynv.org/">Healthy Nevada Project.</a>In the first four days, 10,000 people signed up to submit their samples using Helix's collection kits, Justin Kao, the chief business officer and a cofounder at Helix said. "The interest in health is many times that of genealogy," Kao said in a February interview. <a href="https://www.bloomberg.com/news/articles/2019-05-22/dna-test-startup-helix-cuts-staff-closes-offices-after-shift">In May 2019, the company cut its workforce.</a> Most of those cuts came from the direct digital marketing and advertising teams. Instead, Helix has staffed up <a href="https://www.bloomberg.com/press-releases/2019-04-25/helix-expands-focus-to-population-health-solutions-and-appoints-illumina-veteran-marc-stapley-as-ceo">more into working with health systems</a> to cover the cost of the test, rather than going directly to consumers.In a conversation this month, Kao said the company is now "hiring heavily." By working with health systems to cover the cost of the test, the hope is to broaden the number of people who might have access beyond those who could get insurance coverage for clinical tests. In return, health systems have another way to recruit in patients. For instance, NorthShore University HealthSystem, which is working with Color, said in January that its program attracted <a href="https://www.prnewswire.com/news-releases/northshore-and-color-complete-delivery-of-clinical-genomics-in-routine-care-to-10-000-patients-in-the-largest-us-program-to-date-with-plans-to-expand-in-2020--300985704.html">more than 800 new patients to the health system.</a>"Our belief is that health itself will always be the killer app for genetics," Kao said in November.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/celmatix-lawsuit-against-23andme-for-breach-of-contract-2019-12">A startup that promised to use genetics to help people conceive shut down its lab and laid off employees after it failed to raise funding. In a new lawsuit, it blames 23andMe.</a></li><li><a href="https://www.businessinsider.com/dna-testing-business-strategy-23andme-ancestry-helix-2019-11">The DNA-testing 'fad' is over, and one company just halted operations. The CEOs of Ancestry and 23andMe reveal how they're fighting back.</a></li><li><a href="https://www.businessinsider.com/alto-pharmacy-ceo-on-softbank-vision-fund-investment-2020-2">SoftBank's Vision Fund 2 just made its first bet on a buzzy US pharmacy startup. The CEO of Alto told us how he plans to use the fresh $250 million.</a></li><li><a href="https://www.businessinsider.com/biggest-investors-in-one-medical-before-initial-public-offering-2020-1">Primary-care startup One Medical surged in its stock-market debut. Here are the investors and execs who stood to make the most.</a></li></ul><a href="/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health"></a>Featured Digital Health Articles: - <a href="/telehealth-industry-explained">Telehealth Industry: Benefits, Services &amp; Examples</a> - <a href="/value-based-care-pay-for-performance-healthcare-model">Value-Based Care Model: Pay-for-Performance Healthcare</a> - <a href="/senior-care-market-trends">Senior Care &amp; Assisted Living Market Trends</a> - <a href="/wearable-technology-healthcare-medical-devices">Smart Medical Devices: Wearable Tech in Healthcare</a> - <a href="/artificial-intelligence-healthcare">AI in Healthcare</a> - <a href="/remote-patient-monitoring-industry-explained">Remote Patient Monitoring Industry: Devices &amp; Market Trends</a>

The DNA testing industry is stuck in a rut. Here's how 23andMe and Ancestry are plotting their next moves.

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Thousands of investors, Wall Street analysts, execs, and of course, journalists, converged on San Francisco last week for the biggest healthcare investor event of the year - the <a href="https://www.businessinsider.com/category/jpm19">J.P. Morgan Healthcare Conference</a>.It can be overwhelming, not to mention <a href="https://www.bloomberg.com/news/articles/2019-01-11/jpmorgan-conference-is-so-packed-attendees-meet-in-the-bathroom">overcrowded</a>. This year, more than 9,000 people signed up, and 485-plus companies were on the schedule to present. If you had a hard time keeping up, we've got you covered. Here's all of the most important news you might have missed while you were conferencing last week.Read more: <a href="https://www.businessinsider.com/jpmorgan-healthcare-conference-buzz-2019-1">Everyone at JPMorgan's big healthcare investor conference is buzzing about BMS-Celgene, Amazon, and new hires</a><h2>Pairing off</h2>The biggest news of the week was Eli Lilly's <a href="https://www.businessinsider.com/eli-lilly-to-buy-loxo-oncology-in-8-billion-cancer-drug-deal-2019-1">$8 billion bid for cancer-drug maker</a> Loxo Oncology, announced on Monday morning.That deal followed the massive <a href="https://www.businessinsider.com/bristol-myers-squibb-buys-celgene-in-74-billion-deal-2019-1">$74 billion Bristol-Myers Squibb bid </a>for Celgene, announced the week before.With drugmakers flush with cash, top executives at firms like Merck and Gilead signaled in presentations at the event that there may be <a href="https://www.businessinsider.com/amgen-gilead-merck-deal-speculation-jpmorgan-healthcare-conference-2019-1">more M&amp;A to come</a>. Read more: <a href="https://www.businessinsider.com/aisling-capitals-steve-elms-on-loxo-oncology-and-other-biotechs-2019-1" data-analytics-position="7">A top investor who just made $470 million on buzzy biotech Loxo's $8 billion takeover told us where he might place his next bets</a><h2>Partnering up</h2>Sometimes, it's better to keep things casual. Lots of companies announced new partnerships last week. Here are some of the highlights:<ul><li>Civica Rx, the nonprofit that's bringing hospitals together to make their own generic drugs, <a href="https://www.businessinsider.com/civicarx-adds-12-new-health-systems-to-nonprofit-generic-drug-business-2019-1">keeps adding more members</a>.</li><li>The health clinic startup One Medical is<a href="https://www.businessinsider.com/one-medical-partners-with-providence-st-joseph-health-2019-1"> joining forces</a> with a big Seattle health system to expand the kinds of care it can provide to patients.</li><li>Sanofi and Regeneron announced that they restructured their <a href="https://globenewswire.com/news-release/2019/01/07/1680967/0/en/Sanofi-and-Regeneron-Restructure-Immuno-Oncology-Collaboration-for-Discovery-and-Development-Programs.html">cancer drug collaboration</a>. </li><li>Gilead struck <a href="https://www.businesswire.com/news/home/20190106005116/en/">a deal worth up to $785 million</a> with the Korean pharma company Yuhan to work on a drug for patients with the liver disease NASH.</li></ul>Pfizer, meanwhile, has been using its Pfizer Ventures arm and a partnership with Bain Capital to pursue brain research, after the drugmaker itself pulled back from the field last year. <a href="https://www.businessinsider.com/pfizer-neuroscience-strategy-brain-venture-startups-2019-1">We dug in to the strategy.</a><h2>Drug Developments</h2>The conference can be a prime time for companies to announce clinical trial results for their drugs. And we'll include some other medical-treatment developments here too:<ul><li>Sage Therapeutics had perhaps the <a href="https://www.businessinsider.com/sage-depression-drug-positive-results-2019-1">best news of the conference</a>. The company's stock surged 43% after it published data showing a drug its developing can help relieve symptoms of postpartum depressions.</li><li>Pear Therapeutics <a href="https://peartherapeutics.com/sandoz-inc-and-pear-therapeutics-obtain-fda-clearance-for-reset-o-to-treat-opioid-use-disorder/">got FDA approval</a> for a prescription app that helps treat opioid use disorder.</li><li>Digital health is heating up. Omada Health, which long focused on diseases like diabetes and obesity, is <a href="https://www.businessinsider.com/silicon-valley-diabetes-startup-omada-now-tackling-depression-lantern-2019-1">expanding into treatments</a> for psychological issues such as depression and anxiety.</li><li>Invitae is going direct-to-consumer. The genetic testing company said it'll <a href="https://www.businessinsider.com/invitae-genetics-will-offer-personal-genetic-testing-23andme-2019-1">let individuals buy its tests online</a>, though a clinician will still be involved to help interpret the results.</li></ul><h2>Catching Up</h2>It's always good to get the latest news from old friends. My favorite update came from CVS Health, which laid out how (after its merger with health insurer Aetna), the company <a href="https://www.businessinsider.com/cvs-health-reveals-plans-for-health-hub-stores-2019-1">plans to reshape healthcare</a>.We also caught up with Jessica Mega at Verily, who <a href="https://www.businessinsider.com/verily-google-alphabet-ceo-shares-common-theme-behind-projects-2019-1">filled us in</a> on what the Alphabet-linked life sciences company is up to, after it just raised a fresh $1 billion.And Jordge Conde, a general partner at Andreessen Horowitz, explained why he's <a href="https://www.businessinsider.com/why-andreessen-horowitz-is-starting-to-invest-in-therapeutics-2019-1">now seeking to invest in therapeutics</a>.Never miss out on healthcare news. <a href="http://newsletter.businessinsider.com/join/4np/health-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Subscribe to Dispensed</a>, our weekly newsletter on pharma, biotech, and healthcare.

We'll get you caught up on all the news you missed at the year's biggest healthcare investor conference

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Former Google marketing manager, Adam Singer, says after living in the Bay Area for over a decade, he's had enough of the astronomical home prices and the city not making strides to improve living conditions.&#xa0;</li><li>In a recent tweetstorm, Singer aired his hang-ups with San Francisco and announced that after a trip to Austin, he and his wife purchased land and would be moving to the Texas state capital.&#xa0;</li><li>"None of my San Francisco or Bay Area friends were surprised," Singer told Business Insider of his relocation. "They're like, 'It's totally reasonable to leave.' No one's fighting to keep me here."&#xa0;</li><li>A recent report <a href="https://www.bayareamarketreports.com/trend/bay-area-housing-affordability">by the real estate company Compass</a> found that to afford a median-priced home in the San Francisco Bay Area, a person would need to earn more than $340,000 per year.&#xa0;</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Adam Singer is tired of San Francisco.&#xa0;The former <a href="https://www.businessinsider.com/category/google">Google</a> marketing manager says after living in the Bay Area for over a decade, he's had enough of the astronomical home prices and the city not making progress to improve living conditions.&#xa0;In a tweetstorm last Wednesday, Singer aired his hang-ups with San Francisco and announced that after a trip to Austin, he and his wife (and their rescue dog, <a href="https://twitter.com/dashthedingo">Dash the Dingo</a>) would be moving to the Texas capital, which is increasingly known for its hot startup scene as much as it's bar-b-que.&#xa0;"So Austin suburbs are beautiful. Houses really reasonably priced. Easy ride to the city. Great food and music scene nearby. What's the catch," Singer tweeted. "For same price of your SF rental you can afford basically as much house as you want here. Crazy."&#xa0;Singer says he recently purchased land in Austin and will be working with a local design center on the construction of his home.&#xa0;Read more: <a href="https://www.businessinsider.com/san-francisco-housing-market-facts-rent-2019-5">11 facts about San Francisco's housing market that will make you glad you live somewhere else</a>With housing prices in the San Francisco Bay Area continuing to reach record highs, many, like Singer, are questioning whether it's worth it to live in the region at all. A <a href="https://www.svlg.org/silicon-valley-poll-tells-us-more-than-40-percent-of-residents-are-considering-moving-out-of-the-bay-area-two-reasons-may-come-as-a-surprise/">recent study</a> found that 44% of Bay Area residents polled said they're likely to leave within the next few years. High housing prices were the top reason residents were feeling the pressure to move.&#xa0;&#xa0;Another report <a href="https://www.bayareamarketreports.com/trend/bay-area-housing-affordability">by the real estate company Compass</a> found just how costly it can be to buy a home in the San Francisco Bay Area. Including mortgage payments, taxes, and insurance, owning a median-priced home in the Bay Area runs around $8,500 per month. And in order to afford that kind of monthly expense, a person would need to earn more than $340,000 per year, the report said.&#xa0;The former Googler told Business Insider in an interview this week that after two years of househunting across the Bay Area,&#xa0;seeing the type of homes they could actually afford became all too frustrating.&#xa0;"I'm not paying two million dollars to live in some [baby] boomer's starter home next to a strip mall," Singer said, in reference to certain houses he looked at south of San Francisco, near San Jose.&#xa0;In Austin, Singer says he was able to find "gorgeous" homes for under a half-million dollars.&#xa0;<h2>A "NIMBY" state</h2>The former Googler puts much of the blame of San Francisco's housing prices on city officials who he says don't want to increase the number of condos and apartments in the area. Other cities, like Austin and Seattle, Singer says, have been able to keep housing prices from reaching untouchable rates because they've been willing to develop.&#xa0;"People think supply and demand economics don't exist as soon as you get into the Bay Area," Singer said. "It's not a thing here."&#xa0;Singer also points the finger at long-time San Francisco residents who bought their homes years before prices spiked. Those owners are cashing on the demand from renters, Singer says, and thus have little incentive to advocate for the city to increase its supply of homes.&#xa0;"For the people who already own here, I think they quietly don't give a f--," Singer said. "They have theirs. Whether they want to admit it or not, this is a NIMBY state. What they will accomplish - they will squeeze out the middle of San Francisco." (NIMBY is an acronym for "not in my backyard," often used to describe opposition to development in a particular area.")&#xa0;On top of the extravagant housing costs, the Bay Area faces major problems like how to best support its homeless population and provide adequate transportation options for residents, Singer says. He also sees much of what initially appealed to him about San Francisco - like local cafes and eateries - being displaced trendy restaurants with "$500 prix fixe menus."&#xa0;<h2>Good weather and FOMO</h2>So why are some San Franciscans still choosing to stick around?&#xa0;Besides the weather, Singer says he thinks some people, especially those in tech, stay in the Bay Area because of FOMO, or fear of missing out. The thought, he says, is that if you're not in San Francisco, you won't have the chance to work for top tech companies like <a href="https://www.businessinsider.com/category/uber">Uber</a> or <a href="https://www.businessinsider.com/category/pinterest">Pinterest</a> or <a href="https://www.businessinsider.com/category/google">Google</a>.&#xa0;That might be true for those just starting their careers, said Singer, who now works as a digital marketing lead at the biotech company Invitae. But for someone who has worked at a company for at least a couple years and has proven to be a "linchpin" for their teams, Singer says it's unlikely that a company wouldn't let that person work remotely.&#xa0;"The unwritten rule at any given mega-corp is if you're a talented individual contributor, they will let you work from whereever you want," Singer said. "It is not posted on their website. They will not admit that to you ever. But I've never seen that not be true at any big company."&#xa0;As for reaction to his Austin relocation, Singer tells us that none of his friends or family were all to shocked.&#xa0;"The biggest reaction is, 'Why did you stay in San Francisco so long?' from all my non-San Francisco friends," Singer said. "None of my San Francisco or Bay Area friends were surprised. They're like, 'It's totally reasonable to leave.' No one's fighting to keep me here."&#xa0;Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a><div></div><div></div>

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