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On Tuesday, Cathie Wood-led Ark Invest made a notable decision by selling shares of Tempus AI Inc. (NASDAQ:TEM), marking a significant move in their investment strategy.
Ark Invest sold 62,352 shares of Tempus AI (Pre-Reincorporation) through the ARK Innovation ETF (BATS:ARKK). The shares were sold at a closing price of $84.13, amounting to a transaction value of approximately $5.2 million.
This move comes after Tempus AI recently received FDA 510(k) clearance for its RNA-based Tempus xR IVD device, a significant milestone that had previously driven the stock higher.
Despite the positive news surrounding Tempus AI’s diagnostic tool, which aids in identifying molecular pathways for disease progression, Ark Invest has chosen to reduce its position in the company over the last few weeks. On September 18, Ark sold 43,157 shares of Tempus AI. This transaction was worth $3.76 million. Before that, on September 9, it had sold $2.1 million worth of stock.
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Benzinga's Edge Stock Rankings indicate Tempus AI stock checks out on Short, Medium and Long Price trends. Here is how it fares on other metrics.
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Photo Courtesy: PJ McDonnell on Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
