Investors will be keeping an eye on
Palantir Technologies (NYSE:
PLTR) stock today after
ARK Invest’ Cathie Wood doubled down on the software maker.
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Wood’s
ARK Innovation ETF (NYSEARCA:
ARKK) reportedly bought 1,514,080 shares of Palantir, worth about $33 million at yesterday’s closing price. According to the
fund’s filing dated today, it now holds 16,190,220 shares valued at $350.4 million. PLTR stock is the exchange-trade fund’s 19th-biggest holding.
The ETF’s purchase comes as Palantir took a big step in expanding its footprint in the private and public health sectors. The
company announced the hiring of Dr. William J. Kassler, MD, MPH, as its first U.S. Government Chief Medical Officer, from
International Business Machine’s (NYSE:
IBM)Watson Health unit.
PLTR has grown its healthcare business, and in recent months, made key senior hires with deep domain expertise in life sciences, pharmaceuticals and public health. Palantir
also announced a multi-year strategic partnership with
Celularity, a clinical-stage biotech firm. No financial details of that tie-in were disclosed.