Surface Oncology Rises on Rumor ARK’s Cathie Wood Will Talk About It At Event By Investing.com

By Dhirendra Tripathi

Investing.com – Surface Oncology (NASDAQ:SURF) shares rose 2.6% in Wednesday’s trade on market chatter that ARK founder and fund manager Cathie Wood will talk about the company at an event today.

ARK Genomic Revolution ETF (NYSE:ARKG), which is managed by Wood, has around a 0.4% stake in the company, according to Seeking Alpha.

Seeking Alpha says funds managed by Ark Investment have sharply raised their holdings in Surface Oncology over last few months.

Surface has successfully built its business model around partnerships with the likes of GlaxoSmithKline (NYSE:GSK) and Novartis (NYSE:NVS) to develop innovative cancer immunotherapies.

For the full year ended December 31, Surface reported a net income of $59.3 million against a net loss of $54.8 million for the same period in 2019.

Revenue of $126.2 million, compared to $15.4 million for the same period in 2019, got a boost from GSK’s $85 million upfront payment.