I'm not a fan of trying to time the market. Most of the people I know who have tried it failed miserably -- including me.

However, I do think there are certain times that are ideal for buying specific stocks. This is especially true, in my view, for the stocks of companies that focus on highly innovative technologies -- the kinds of stocks that Ark Invest tends to own.

With that in mind, I believe that right now could be a once-in-a-generation opportunity to buy these three Cathie Wood stocks.

1. Twilio

Wood isn't gobbling up shares of the biggest players in artificial intelligence (AI). She's much more interested in others that aren't in the limelight all that much but have huge growth potential. Twilio (TWLO 1.47%) stands out as a great example. It's a top 10 holding for Wood's Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation Internet ETF.

Twilio's Customer Engagement Platform enables companies to communicate directly with customers via text, email, and voice. More than 300,000 brands use Twilio's technology, including household names such as Airbnb, Dell, and Uber.

There isn't anything about Twilio's financial performance these days that would lead you to believe now is a great time to buy the stock. The company reported year-over-year revenue growth of only 5% in its latest quarter. However, I think that Twilio could be in a position to take off in the near future thanks to the launch of CustomerAI, a product that combines customer data with generative AI.

Co-founder and CEO Jeff Lawson predicted in Twilio's third-quarter earnings call that CustomerAI will "change how companies operate every customer-facing function." Wood's Ark Invest team also believes that Twilio will be able to disrupt customer communications using AI.

If they're right -- and I suspect they are -- there's no better time to invest in Twilio than right now.

2. Beam Therapeutics

Beam Therapeutics (BEAM -1.02%) ranks as the ninth-biggest holding in Wood's Ark Genomic Revolution ETF. Her flagship Ark Innovation ETF also owns a small position in the biotech stock. Both ETFs have been scooping up additional shares in recent weeks.

Only a handful of companies are pioneering base editing, a highly precise type of gene editing. Beam is one of them. It focuses on developing base editing therapies targeting genetic diseases and cancer.

Beam's pipeline features two programs in clinical testing. BEAM-101 targets rare blood disorders sickle cell disease and transfusion-dependent beta-thalassemia. BEAM-201 is an experimental "off-the-shelf" CAR-T therapy that targets T-cell acute lymphoblastic leukemia and T-cell lymphoblastic lymphoma. Both candidates are currently being evaluated in phase 1/2 studies. 

Investors could wait to buy Beam Therapeutics stock. The company still has a long way to go with the clinical testing of its lead pipeline candidates. However, there won't be another opportunity to jump aboard at such an early point as now with what could be a game-changing approach to treating a wide range of diseases.

3. Vertex Pharmaceuticals

Vertex Pharmaceuticals (VRTX -0.06%) isn't one of Wood's large holdings. It makes up less than 3% of her Ark Genomic Revolution ETF portfolio. That said, I think right now could be a great time to buy shares of this already successful biotech.

That success has been built on the back of Vertex's cystic fibrosis (CF) franchise. Vertex could have its most powerful and potentially most profitable CF therapy on the way soon. The company expects to report results from three late-stage studies of its vanzacaftor triple-drug combination in early 2024.

Vertex should also have exciting news on the way outside of CF. It awaits regulatory approvals for exa-cel in sickle cell disease and transfusion-dependent beta-thalassemia. The big biotech plans to announce data from three late-stage studies evaluating non-opioid pain drug VX-548 early next year.

I view 2024 and 2025 as a period where Vertex will shift into a higher gear. An opportunity to invest in such a strong company on the cusp of potentially massive growth like this one doesn't come around very often.