On the eve of America’s Independence Day, ace hedge fund manager Cathie Wood made some interesting trades in the ARK Invest ETFs. The U.S. markets were open for only a few hours yesterday and are closed today, July 4. With the long weekend putting a halt to almost all trading activities, it is noteworthy that Wood executed these intriguing trades despite the shortened trading week.
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The most interesting trade on July 3 was the sale of Japan’s Komatsu Ltd. (JP:6301), a company engaged in the manufacturing of construction, mining, forestry, and military heavy equipment. Wood sold 20,506 shares of Komatsu through her ARK Space Exploration & Innovation ETF (ARKX). The sale was valued at $668,424, reducing the stock’s position in the portfolio to 0.24%.
Wood Continues to Accumulate BEAM and CMPS Stocks
Yesterday, Wood bought an additional 28,743 shares of Beam Therapeutics (BEAM) for a total of $571,410. The purchases were made through two funds: the ARK Innovation ETF (ARKK) and the ARK Genomic Revolution ETF (ARKG). Wood has been consistently increasing her position in Beam Therapeutics, displaying strong conviction in the future potential of this gene therapy and genome editing company. Across all of ARK’s ETFs, BEAM now ranks 21st, with $157.3 million worth of shares, representing 1.31% of the combined portfolios.
At the same time, Wood also increased her holdings in Compass Pathways Plc (CMPS), a British pharmaceutical company focused on developing psychedelics. The ARKG ETF acquired 125,491 CMPS shares, valued at $424,159. Wood has been building a slow but steady stake in Compass Pathways over the past few days.
Is BEAM a Good Stock to Buy?
Analysts share similar optimism about Beam Therapeutics as Cathie Wood does. On TipRanks, BEAM stock has a Strong Buy consensus rating based on 12 Buys and two Hold ratings. Also, the average Beam Therapeutics price target of $44.58 implies a massive 122.8% upside potential from current levels. Year-to-date, BEAM stock has lost 19.3%.
