ARK 每周股评 – 6/4/2022


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.

Ginkgo Bioworks (DNA)
+16%Shares of Ginkgo Bioworks traded up 16% on Thursday during a broad market rally. The Boston-based synthetic biology company has developed extensive domain expertise and large automated lab facilities and is partnering with companies* to develop or optimize microbes for valuable downstream products. In our view, intellectual property, equity, and royalty streams from its growing partnerships are Ginko’s primary value drivers.*Ginkgo often takes both a fee and an equity stake in and/or royalty rights from its customers.

注: 银杏生物公司的股票在周四的大盘反弹中交易量上升了16%。这家总部位于波士顿的合成生物学公司已经开发了广泛的领域专业知识和大型自动化实验室设施,并与各公司合作,开发或优化微生物,以生产有价值的下游产品。 在我们看来,知识产权、股权和来自其不断增长的伙伴关系的版税流是Ginko的主要价值驱动力。Ginkgo经常从其客户那里同时获得费用和股权和/或版税权。
Nubank (NU)
+16%Shares of Nubank rose 16% on Thursday as part of a strong tech rally. The company recently reported strong first-quarter earnings that surpassed consensus expectations by ~35%. Nubank is the leading digital wallet in Brazil and is seeking to expand its offerings throughout Latin America.

注: 作为科技股强劲反弹的一部分,Nubank的股票周四上涨了16%。该公司最近公布了强劲的第一季度收益,超过了共识预期的35%。Nubank是巴西领先的数字钱包,正在寻求在整个拉丁美洲扩大其产品。
UiPath (PATH)
+17%Shares of UiPath traded up nearly 17% on Thursday after the company reported strong first-quarter results including 50% year-over-year growth in annual recurring revenue (ARR). Despite its downward guidance and the uncertainty around macro conditions and customer demand last quarter, UiPath executed quite well and raised its full year ARR guidance by one percentage point to 32% year-over-year. UiPath provides a suite of robotic process automation (RPA) products that automates complex processes under specified compliance and governance standards.

注: UiPath周四股价上涨近17%,此前该公司公布了强劲的第一季度业绩,包括年度经常性收入(ARR)的50%同比增长。尽管上一季度的业绩指引有所下降,而且宏观形势和客户需求存在不确定性,但UiPath执行得相当好,并将全年的ARR指引提高了一个百分点,达到同比32%。UiPath提供一套机器人流程自动化(RPA)产品,在指定的合规和治理标准下实现复杂流程的自动化。
Roblox (RBLX)
+16%Shares of Roblox traded up nearly 16% Thursday, rebounding from the weakness after Atlantic Equities’ downgrade last week. Roblox provides a creator-first digital entertainment platform and a 3D engine that allow third-party developers to create games and experiences for users globally. We hold high conviction in the trend to user-generated content and believe Roblox is the prime platform to monetize on this trend.

注: Roblox的股价周四上涨了近16%,从上周Atlantic Equities下调评级后的疲软中反弹出来。Roblox提供了一个创造者优先的数字娱乐平台和一个3D引擎,允许第三方开发者为全球用户创造游戏和体验。我们对用户生成内容的趋势抱有很高的信念,并相信Roblox是在这一趋势中实现盈利的主要平台。
Repare Therapeutics (RPTX)
+44%Shares of Repare Therapeutics closed up 44% on Thursday after the precision oncology company announced a new licensing agreement with Roche. Structured around camonsertib––a small molecule inhibitor with the potential to improve outcomes for patients with solid tumors––this deal commits Roche to downstream royalties and an up-front payment of $125 million.

注: Repare Therapeutics公司周四收盘上涨44%,此前该精准肿瘤公司宣布与罗氏达成了一项新的许可协议。该协议围绕Camonsertib(一种有可能改善实体瘤患者预后的小分子抑制剂)展开,罗氏承诺收取下游版税和1.25亿美元的预付款项。
Invitae (NVTA)
-15%Shares of Invitae traded down roughly 15% on Friday, a weak day for diagnostic companies overall. We believe the company fell disproportionately because Piper Sandler initiated Invitae at an underweight rating, partially on the premise that Invitae's competitors have material first-mover advantages in newer areas like liquid biopsy. We respectfully disagree with both the rationale and the rating. The first complete human genome was sequenced last year using long-read sequencing (LRS), a technology that Invitae is scaling through its partnership with Pacific Biosciences (PACB). According to our research, LRS can unlock vast amounts of clinical utility and economic value from the human genome. As one of the largest growing genetic testing companies in the US, Invitae is at the leading edge of medical genetics, based in part on the company’s scalable variant interpretation engine, its suite of digital and clinical services, and its innovation in liquid biopsy.
Our research suggests strongly that Invitae is at the vanguard of a market that will take decades to mature and that it is one of the few public companies operating beyond the legacy, fee-for-service diagnostic model. Invitae is leveraging patient- and population-level data to empower patients, physicians, care teams, and families. We look forward to Invitae’s Technology Showcase during the week of July 11th.

注: Invitae的股票在周五下跌了大约15%,这是诊断公司整体疲软的一天。我们认为该公司的下跌不成比例,因为Piper Sandler对Invitae的评级为减持,其部分前提是Invitae的竞争对手在液体活检等新领域具有重大的先发优势。我们谨此不同意这种理由和评级。去年,第一个完整的人类基因组使用长读测序(LRS)进行了测序,Invitae正通过与太平洋生物科学公司(PACB)的合作扩大这项技术的规模。根据我们的研究,LRS可以从人类基因组中释放出大量的临床效用和经济价值。作为美国最大的成长型基因测试公司之一,Invitae处于医学遗传学的前沿,部分原因是该公司的可扩展变体解释引擎、其数字和临床服务套件以及其在液体活检方面的创新。


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