Cathie Wood's Ark Innovation ETF sold 57,819 shares of Tempus AI, Inc., valued at approximately $4 million. This sale followed a more than 38% surge in Tempus AI's stock price since August 18th. An update on a late-stage trial for a personalized cancer vaccine partly fueled the rally. Merck and Moderna are developing this vaccine. Tempus may serve as the sequencing provider if approved.
Wall Street analysts are growing more bullish on Tempus AI. BTIG recently raised its price target to $80. The firm cited a potential new revenue stream from the Merck-Moderna collaboration. A Form 13F filing disclosed Odyssean LLC purchased a new stake of 15,476 shares in the second quarter.