ARK 每周股评 – 2/17/2021


We share weekly commentaries with investors on stocks in our strategies that have appreciated or dropped more than 15% in a day during the course of the week. We hope you find this commentary useful.

Grayscale Bitcoin Investment Trust (GBTC)
+20%Grayscale Bitcoin Investment Trust (GBTC), a trust tracking bitcoin’s market price, was up 20% on Monday after Tesla announced a $1.5 billion balance sheet investment - roughly 8% of its cash - into bitcoin. Tesla also said it would start accepting bitcoin as payment for its products. Tesla’s decision seems to be legitimizing bitcoin as corporate cash.    

注: 在特斯拉宣布向比特币投资15亿美元资产负债表--约占其现金的8%--后,跟踪比特币市场价格的信托公司 Grayscale Bitcoin Investment Trust(GBTC)周一上涨了20%。特斯拉还表示,它将开始接受比特币作为其产品的付款。特斯拉的决定似乎是将比特币作为企业现金合法化。  
Longview Acquisition Corporation (LGVW)
+18%Longview Acquisition Corporation (LGVW), a special purpose acquisition company (SPAC) that is acquiring Butterfly Network, closed up 18% on Monday. In our view, investors and speculators are building positions prior to the consummation of the merger on or around February 16th. Butterfly is a medical technology company focused on democratizing access to point-of-care ultrasound (POCUS) devices. Unlike other centralized and handheld POCUS instruments, Butterfly's technology uses a proprietary semiconductor-based, AI-assisted ultrasound system instead of a system based on piezoelectric crystals. Butterfly's technology seems to be a more cost-effective, robust, and differentiated tool for medical imaging.  

注: 正在收购蝴蝶网络 (BFLY) 的特殊目的收购公司(SPAC)Longview Acquisition Corporation(LGVW)周一收盘上涨18%。我们认为,投资者和投机者正在2月16日左右完成合并之前建仓。Butterfly是一家医疗技术公司,专注于医疗点超声(POCUS)设备的民主化。与其他集中式和手持式POCUS仪器不同的是,Butterfly的技术使用了一种专有的基于半导体的AI辅助超声系统,而不是基于压电晶体的系统。Butterfly的技术似乎是一种更具成本效益、更强大、更具差异化的医学成像工具。
ExOne (XONE)
-16%ExOne (XONE), a global leader in additive manufacturing technology, appreciated more than 35% on Monday and 18% on Tuesday, before dropping 16% on Wednesday. ExOne preannounced revenues higher than consensus expectations for the fourth quarter as well as guidance for 2021 revenue growth of 15-25%, well above the 12.5% consensus expectation thanks to new products and increased demand. After the close on Tuesday, ExOne announced a secondary stock offering, pricing it on Wednesday at $54 per share.  

注: 全球增材制造技术的领导者ExOne(XONE)周一升值超过35%,周二升值18%,周三下跌16%。由于新产品和需求增加,ExOne预先公布第四季度营收高于共识预期,以及2021年营收增长15-25%的指引,远高于12.5%的共识预期。周二收盘后,ExOne宣布二次募股,周三定价为每股54美元。
Organovo (ONVO)
+23%Organovo (ONVO), a biotechnology company focused on 3D-bioprinting, traded up 18% on Monday and 23% on Thursday, possibly because investors and speculators may be gaining confidence in its ability to maximize its 3D-bioprinting assets and deliver on a revitalized commercial strategy. We believe shares will be volatile until Organovo reveals more about its path forward. 

注: Organovo(ONVO)是一家专注于3D-bioprinting的生物技术公司,周一交易量上涨了18%,周四上涨了23%,这可能是因为投资者和投机者可能对其最大限度地利用3D-bioprinting资产和实现振兴的商业战略的能力产生了信心。我们认为,在Organovo透露更多关于其未来发展道路的信息之前,股价将出现波动。
Pacific Biosciences (PACB)
+16%Pacific Biosciences (PACB), a leader in highly accurate and comprehensive DNA, RNA, and epigenetic sequencing, traded up 16% on Wednesday after disclosing that Softbank had invested $900 million via convertible debt. In our view, Softbank’s investment will allow PacBio to accelerate the cost- and price-decline of its highly accurate long-read technology (HiFi), pursue a more aggressive R&D schedule, and drive commercialization efforts faster than otherwise would be the case. HiFi sequencing should become the standard for whole genome sequencing across clinical, research, and population efforts, thanks to its accuracy, ability to phase mutations to maternal or paternal haplotypes, comprehensive variant detection, and native epigenetic detection. Though more expensive than short-read sequencing, the value of HiFi-sequenced genomes seems to be higher. As PacBio drives down prices and increases system throughput, many applications are likely to migrate to HiFi technology. 

注: 高精度和全面的DNA、RNA和表观遗传测序领域的领导者PacBio(PACB)周三披露软银通过可转债投资9亿美元后,交易价格上涨16%。我们认为,软银的投资将使PacBio加快其高精度长读技术(HiFi)的成本和价格下降,追求更积极的研发计划,并比其他方式更快地推动商业化工作。HiFi测序凭借其准确性、能够将突变相加到母体或父体单倍型、全面的变异检测和原生表观遗传检测等优势,应该会成为临床、研究和人群工作中全基因组测序的标准。虽然比短读测序更贵,但HiFi测序基因组的价值似乎更高。随着PacBio推动价格的降低和系统吞吐量的增加,许多应用可能会迁移到HiFi技术上。
Ping An Healthcare and Technology (1833 HK)
+21%Ping An Healthcare and Technology (1833 HK) rallied 21% on Wednesday, perhaps in response to its full year report and a number of Chinese broker ratings upgrades. Ping An Health is the largest online medical consulting firm in China based on total number of users and average daily queries.  

注: 平安好医生(1833 HK)周三反弹21%,或许是受其全年报告及多家中资券商评级上调的影响。按用户总数和日均查询量计算,平安健康是中国最大的在线医疗咨询公司。
Huya (HUYA)
+19%Huya (HUYA) appreciated more than 19% on Thursday. The number one live game streaming platform in China, Huya currently is in talks with Douyu, the second-largest player in the space, with hopes to merge before mid-year 

注: 虎牙(HUYA)周四升值超过19%。作为中国第一大游戏直播平台,虎牙目前正在与该领域第二大玩家斗鱼进行谈判,希望在年中之前合并.
Zillow Group (ZG)
+16%Zillow Group (ZG) rose 16% on Thursday after an exceptionally strong fourth quarter report and stronger than expected first quarter guidance. Zillow's internal economist is projecting a 21% increase in US home sales this year thanks in part to a double-digit increase in prices. Zillow Group is the largest real estate marketplace in the US with more than 200 million monthly active users. 

注: Zillow集团(ZG)周四上涨16%,此前第四季度报告异常强劲,第一季度指引也强于预期。Zillow内部经济学家预计,今年美国房屋销售量将增长21%,部分原因是由于价格的两位数增长。Zillow集团是美国最大的房地产市场,月活跃用户超过2亿。
CM Life Sciences (CMLF)
+15%CM Life Sciences (CMLF), a special purpose acquisition company (SPAC), surged 15% on Friday after announcing its plan to combine with Sema4, a population-scale health intelligence company. Unlike many legacy molecular diagnostics companies, Sema4 has focused on developing a platform instead of a diagnostic product. In our view, Sema4's genomics acumen, epidemiological expertise, and emphasis on longitudinal patient care should yield a more engaging and effective experience for large health systems. Studying patient transitions from health to illness across large and diverse groups, Sema4 should be able to help physicians intervene before diseases become intractable.  

注: 特殊目的收购公司CM生命科学(CMLF)在宣布计划与人口规模的健康智能公司Sema4合并后,周五大涨15%。与许多传统的分子诊断公司不同,Sema4一直专注于开发一个平台,而不是诊断产品。在我们看来,Sema4的基因组学敏锐度、流行病学专业知识以及对患者纵向护理的重视,应该能为大型卫生系统带来更有吸引力的有效体验。研究患者从健康到疾病的过渡,跨越庞大而多样的群体,Sema4应该能够帮助医生在疾病变得棘手之前进行干预。
HubSpot (HUBS)
+16%HubSpot (HUBS) appreciated 16% on Friday after reporting better than expected fourth quarter earnings. HubSpot offers a full suite of digital solutions for businesses, including marketing, sales, and customer service tools. In its fourth quarter results, the company noted that it had surpassed two significant milestones: annual recurring revenue of $1 billion and 100,000 customers.  

注: HubSpot(HUBS)周五升值16%,此前公布的第四季度业绩好于预期。HubSpot为企业提供全套数字解决方案,包括营销、销售和客户服务工具。该公司在第四季度财报中指出,该公司已经超越了两个重要的里程碑:年度经常性收入10亿美元和10万客户。


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