Shares of Quantum-Si (QSI -4.47%) were up more than 23% for the week, as of 2:30 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The healthcare company closed last week at $2.42, then rose to as high as $3.57 on Tuesday. The stock is up more than 62% this year.
Quantum-Si is a a medical device maker that specializes in manufacturing equipment for the large-scale study of proteins. Its platform is designed for next-generation single-molecule protein sequencing, used in diagnostics and drug discovery.
Cathie Wood’s Ark Genomic Revolution ETF added to its positions in the stock late last week, picking up 20,742 shares on July 12 and then 1.435 million shares on July 13. Investors who follow Wood’s picks joined in this week.
Quantum-Si makes a scalable semiconductor chip that it says could be used for home testing sometime next year. The company is a long way from being profitable, however. It had, as of the first quarter, $322.1 million in cash, it said, enough to fund operations into 2026. It only had $254,000 in revenue and lost $23.6 million in the quarter.
There’s plenty of risk involved in the stock, because the company is so new. It went public in 2021 via a special purpose acquisition company (SPAC) merger. The company’s platform could make it an enticing buyout candidate for a larger medical equipment maker.
Jim Halley has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.