These Are the Only 3 Stocks That Cathie Wood Bought Last Week

Ark Invest added to positions in Figma, Arcturus Therapeutics, and 10x Genomics last week. Figma is down ~83% from last summer's high but showed revenue growth of 40% YoY last quarter and a 136% net dollar-retention rate, while analysts forecast growth slowing to ~30% this year and ~20% next. Arcturus has seen revenue fall sharply with top line expected to be cut roughly in half this year, but Ark bought across multiple days and the company now has cash runway through at least Q2 2028; 10x Genomics has grown revenue ~9x over eight years yet trades ~50% below its $38 IPO price, remains unprofitable, and guides to a revenue decline in 2026 (0–4% ex one-offs).

Analysis

Figma’s price action has created a real options-like payoff: enterprise design workflows create latent switching costs that are hard for point AI tools to replicate quickly. The relevant second-order moat isn’t just collaboration features but integrations into CI/CD, component libraries and front-end pipelines — these create multi-quarter procurement cycles that favor incumbents when budgets normalize. If management pivots to prioritize ARPU expansion (enterprise bundles, developer exports, licensing of design assets) the path to margin improvement is clearer than headline growth rates suggest, while an accelerating push by hyperscalers into design tooling would compress multiples rapidly.

Arcturus is a classic binary biotech where optionality dominates cash burn math; success in a single later-stage readout or a partnership for LNP manufacturing would reprice the equity well above current levels, whereas a clinical failure would create immediate downside. The strategic lever to watch is partnerability — big pharm deals can effectively convert negative cash flow into optionality value, and CDMO/LNP supplier exposure offers indirect, lower-volatility ways to play the same theme. Time horizon for realizing this optionality is clinical-cycle driven (quarters-to-2-years), so position sizing should reflect asymmetric binary risk.

10x’s durable asset is consumable-driven economics tied to instrument install bases and large-scale collaborations that are lumpy but high quality when they reappear. Near-term guidance noise understates the long-term secular migration to single-cell and spatial omics across pharma and biotech, which favors patient, structured exposure (long-dated calls or fundamentals-weighted equity) rather than short-term directional bets. Monitor grant cycles, major pharma partnerships and reagent reorder rates as the earliest real signals of demand normalization.

Key Decisions for Investors

• FIG: Buy a defined-risk bullish spread sized to 0.25% AUM — purchase 9-month FIG calls ~30% OTM and sell 9-month calls ~60% OTM to cut premium; max loss = 0.25% AUM, upside capped at ~3x. Rationale: pay for optionality on enterprise re-rating / M&A within 6–12 months while limiting downside if AI competition accelerates.
• ARCT: Acquire equity up to 0.15% AUM plus buy a 12–18 month protective put ~20% OTM (or buy 18-month calls instead if financing required). Risk/reward: downside limited by put premium; upside asymmetric if a clinical readout or partnership occurs in the next 12–24 months (potential 3x+ payoff vs defined loss).
• TXG: Obtain long-dated LEAP calls (18–24 months, near-ATM) sized to 0.3% AUM, funded by selling nearer-term calls on a 1:1 basis to reduce cost, roll if sentiment stabilizes. Risk/reward: concentrated multi-year secular capture of single-cell adoption with controlled theta bleed; downside risk is limited to net premium paid, upside if instrument replacement or large pharma agreements resume.
• Hedge / Thematic: Hedge macro/AI-for-SaaS regime risk by adding 12-month NVDA calls sized to offset ~50% of the upside exposure from FIG/TXG trades, or alternatively buy an equal-weighted basket of CDMO/LNP suppliers to hedge ARCT binary risk. This converts isolated binary equities into a portfolio that captures AI infra upside while protecting from sector-specific draws.