ARK 每周股评 – 5/15/2021


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.

Recursion Pharmaceuticals (RXRX)
-17%Recursion Pharmaceuticals (RXRX), a pioneering drug-discovery company at the cusp of the convergence between artificial intelligence (AI) and biology, traded down nearly 17% on Monday. The broader biotech selloff combined with Recursion’s short history as a public company seem to have contributed to the drawdown. In our view, Recursion’s drug-discovery and optimization engine, Recursion OS, is second to none in the therapeutics industry. Recursion’s platform is a low-latency feedback loop that combines wet-lab cell experiments, novel computer vision techniques (phenomics), and powerful AI systems to inference the chemical space for therapeutic candidates.

注: Recursion Pharmaceuticals(RXRX)是一家处于人工智能(AI)和生物学融合边缘的先锋药物发现公司,周一下跌了近17%。更广泛的生物技术大跌,加上Recursion作为一家上市公司的短暂历史,似乎促成了这次下跌。我们认为,Recursion的药物发现和优化引擎Recursion OS在治疗行业首屈一指。Recursion的平台是一个低延迟的反馈回路,它结合了湿实验室细胞实验、新型计算机视觉技术(表型组学)和强大的人工智能系统来推断候选治疗药物的化学空间。
The Trade Desk (TTD)
-26%The Trade Desk (TTD) traded down 26% on Monday despite reporting earnings those surpassed expectations. Because of Apple’s new opt-in advertising rules, management did not provide second quarter guidance on either GAAP Net Income or the reconciliation of adjusted EBITDA guidance to net income. The company also announced a ten-for-one stock split, effective June 9th. The Trade Desk is an ad-tech company that facilitates audience targeting across different media formats and should continue to benefit from the shift in advertising from linear TV to streaming.

注: The Trade Desk (TTD)周一交易量下降了26%,尽管报告的收益超过了预期。由于苹果新的选择广告规则,管理层没有提供第二季度的GAAP净收入指导,也没有提供调整后的EBITDA指导与净收入的调节。该公司还宣布从6月9日开始进行十进一的股票分割。The Trade Desk是一家广告技术公司,促进了不同媒体格式的受众定位,应该继续受益于广告从线性电视到流媒体的转变。
Twist Bioscience (TWST)
-17%Twist Bioscience (TWST), a leader in synthesizing DNA for a large and growing array of end markets, closed down 17% on Monday despite reporting top and bottom lines that surpassed expectations and then raising annual revenue guidance. In other words, it succumbed to the broad-based sell-off in biotech and genomics stocks. We are confident that synthetic DNA is not commoditizing, and that Twist’s synthesis platform is positioned uniquely to address the broadening needs of the synthetic biology, next generation sequencing (NGS), and longer term data storage markets.

注: Twist Bioscience(TWST)是为大量且不断增长的终端市场合成DNA的领导者,尽管报告中的上下限都超过了预期,然后提高了年度收入指引,但该公司周一收盘时仍下跌了17%。换句话说,它屈服于生物技术和基因组学股票的广泛抛售。我们相信合成DNA不会商品化,而且Twist的合成平台具有独特的定位,可以满足合成生物学、下一代测序(NGS)和长期数据存储市场不断扩大的需求。
Zymergen (ZY)
-16%Zymergen (ZY), a highly vertically integrated synthetic biology company focused on materials science innovation, traded down nearly 16% on Monday. Newly public, Zymergen’s shares could remain volatile as investors grapple with valuation models. The broader biotech selloff as well as the public debut of competitor Ginkgo Bioworks also seemed to contribute to Zymergen’s price action on Monday. In our view, Zymergen’s approach to synthetic biology, including molecular discovery, microbial design, and manufacturing scale, is unique. We will be monitoring Zymergen’s first electronic film product, Hyaline, as evidence of its platform’s strength.

注: Zymergen(ZY)是一家高度垂直整合的合成生物学公司,专注于材料科学创新,周一交易量下降了近16%。由于刚刚上市,Zymergen的股价可能会保持波动,因为投资者正在努力寻找估值模型。更广泛的生物技术大跌,以及竞争对手Ginkgo Bioworks的公开亮相,似乎也对Zymergen周一的价格走势有所帮助。我们认为,Zymergen的合成生物学方法,包括分子发现、微生物设计和生产规模,是独一无二的。我们将关注Zymergen的第一个电子薄膜产品Hyaline,作为其平台实力的证据。
3D Systems (DDD)
+35%3D Systems (DDD) appreciated more than 35% on Tuesday after surpassing revenue and earnings expectations, triggering an upgrade from Craig-Hallum.

注: 3D Systems(DDD)周二升值超过35%,此前该公司的收入和盈利超出预期,引发了Craig-Hallum的评级。
Roblox (RBLX)
+21%Roblox (RBLX) traded up 21% on Tuesday after missing earnings expectations but reporting promising metrics: a 161% increase year over year in bookings, a 79% increase in daily active users (DAUs), and a 98% increase in total hours engaged. Roblox’s first quarterly earnings report indicates strong demand for its entertainment platform and continued consumer interest in digital worlds. Roblox is an online entertainment platform that allows users to engage with a variety of virtual worlds and games. Roblox hosts independent developers who create and offer their games on its platform.

注: Roblox(RBLX)周二上涨了21%,此前该公司的收益未达预期,但报告中的指标令人欣喜:预订量同比增长161%,日活跃用户(DAU)增长79%,总参与时间增长98%。Roblox的第一份季度收益报告表明对其娱乐平台的强劲需求和消费者对数字世界的持续兴趣。Roblox是一个在线娱乐平台,允许用户参与各种虚拟世界和游戏。Roblox接待了在其平台上创建和提供其游戏的独立开发者。
Butterfly Network (BFLY)
-16%Butterfly Network (BFLY), an innovative medical device company focused on low-cost, point-of-care ultrasound (POCUS) solutions, closed down nearly 16% on Thursday after reporting strong revenue and earnings for the first quarter. Given its short history as a public company, we believe investors are treading lightly as it builds a track record of execution. Like other life science tools companies, Butterfly was hurt by the broader biotech selloff. We are confident that its semiconductor and field-programmable gate array (FPGA)-based designs will allow Butterfly to deliver high-quality, flexible POCUS devices at radically low-price points.

注: 蝴蝶网络(BFLY)是一家专注于低成本的护理点超声(POCUS)解决方案的创新医疗设备公司,在公布了第一季度强劲的收入和收益后,周四收盘下跌近16%。鉴于其作为上市公司的历史很短,我们相信投资者在其建立起执行记录的过程中会谨慎行事。与其他生命科学工具公司一样,Butterfly受到了更广泛的生物技术大跌的影响。我们相信,其基于半导体和现场可编程门阵列(FPGA)的设计将使Butterfly能够以极低的价格提供高质量、灵活的POCUS设备。
908 Devices (MASS)
-16%908 Devices (MASS), a life science tools company aiming to decentralize chemical and biomolecular analysis by miniaturizing mass spectrometry, closed down 16% on Thursday following its first quarter earnings call. 908 Devices outperformed expectations with 39% revenue growth on a year-over-year basis. Importantly, the company added Bluetooth and aerosol analysis capabilities to its handheld mass-spec device, MX-908. In our view, these advancements will open new market adjacencies for 908’s core business. The broader tech and biotech selloff and several sell-side target price reductions have depressed 908’s shares despite its exemplary growth and execution.

注: 908 Devices(MASS)是一家生命科学工具公司,旨在通过质谱分析的小型化来分散化学和生物分子分析,在其第一季度财报电话会议之后,周四收盘下跌16%。908设备公司的业绩超出了预期,收入同比增长39%。重要的是,该公司为其手持式质谱设备MX-908增加了蓝牙和气溶胶分析功能。我们认为,这些进步将为908的核心业务打开新的市场领域。尽管908的增长和执行力堪称典范,但更广泛的科技和生物技术大跌和几个卖方目标价格的下调已经压低了908的股价。
Skillz (SKLZ)
+15%On Friday, Skillz (SKLZ) traded up 15%, rebounding from several short reports and from the broad-based selloff in growth equities during the rotation into value during the past three months. We have stated our belief that claims against Skillz are grossly exaggerated or false and are confident in the company’s position in the gaming ecosystem. Skillz is a leading mobile games platform that enables competitive esports style play. Leveraging its patented match-making technology, Skillz hosts billions of casual esports tournaments worldwide.

注: 周五,Skillz (SKLZ)交易价格上涨了15%,从几份空头报告和过去三个月里成长型股票轮流进入价值领域期间的广泛抛售中反弹出来。我们已经表明,我们相信针对Skillz的索赔是严重夸大或虚假的,并对该公司在游戏生态系统中的地位充满信心。Skillz是一个领先的移动游戏平台,能够实现竞技电竞风格的游戏。利用其专利的匹配技术,Skillz在全球范围内举办了数十亿的休闲电竞比赛。


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