Popular investor Cathie Wood’s ARK Invest made some interesting trade moves on Monday, July 7. As per the daily trades published by ARK, Wood continued to add more shares of gene-editing firm Beam Therapeutics (BEAM) and reduce its stake in online gaming company Roblox (RBLX).
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Wood Continues to Accumulate BEAM Stock
As per the daily trade disclosure, ARK snapped up over 659,000 shares of Beam Therapeutics across two ETFs — ARK Innovation ETF (ARKK) and ARK Genomic Revolution ETF (ARKG) — spending more than $13.2 million. Earlier this week, Wood bought an additional 28,743 shares of Beam Therapeutics for a total of $571,410.
The firm has been steadily increasing its stake in Beam over the past week, showing clear confidence in the biotech’s CRISPR-based therapies and broader gene-editing potential.
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 11 Buys and two Hold ratings. Also, the average Beam Therapeutics price target of $45 implies a massive 134.6% upside potential from current levels. Year-to-date, BEAM stock has lost 22.7%.
Wood Trims Holdings in RBLX Stock
ARK Invest continued to pare down its stake in Roblox on Monday, selling 31,416 shares worth approximately $3.25 million. That adds to the selling seen last week, when ARK sold 26,877 shares of Roblox on July 2.
Interestingly, Roblox stock rose 4% on Monday, fueled by growing investor optimism around the platform’s long-term potential.
What is Roblox’s Price Target?
According to TipRanks, Wall Street has a Moderate Buy consensus rating on RBLX stock, based on 15 Buys, four Holds, and two Sells assigned in the last three months. The average Roblox stock price target of $87.43 implies a 18.87% upside potential.
