Just days ago, healthcare stock Butterfly Network (NYSE:BFLY) landed one big step when the FDA gave it the go-ahead to bring out its Auto B-Line Counter system. Now, it got another serious notch up as tech buyer extraordinaire Cathie Wood stepped in to bolster its current stake in Butterfly Network’s operations. The move was sufficient to catch investors’ attention, and Butterfly is up over 11% at the time of writing.
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Wood’s Ark Investment Management fund (NYSEARCA:ARKK) already owned a substantial portion of Butterfly Network, bringing in an extra 2.61 million shares on April 4 after the announcement of the Auto B-Line Counter emerged. Now, Wood added an extra 1.13 million shares to the load.
The Auto B-Line Counter system uses artificial intelligence to analyze a patient’s lung function, using just six seconds of ultrasound to determine the level of current lung function. That six-second clip is compared against a library of such clips available on the Butterfly Cloud. Given that the library is 3.5 million clips strong, the end results should be mostly accurate. With the device set to roll out early this summer in the U.S., it should mean benefit for all of Butterfly Network’s investors.
Despite this, however, insiders at Butterfly Network don’t look for big things. Insider trading shows that overall confidence is rated Negative. Indeed, they are selling off in a big way; insiders sold $103,200 worth of Butterfly Network stock in the last three months.
