Bank of America Corp DE Makes New Investment in Stoke Therapeutics, Inc. $STOK

Key Points

• Bank of America purchased 259,708 shares of Stoke Therapeutics during the second quarter, valued at approximately $8.5 million and representing about 0.40% of the company.
• Other major investors also increased exposure, including BlackRock’s new $192.3 million stake, while Redmile Group, BVF, and Janus Henderson expanded their holdings.
• STOK opened at $24.80, below its 50-day and 200-day moving averages. Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $44.25, despite the company missing quarterly EPS expectations and continuing to report significant losses.

Bank of America Corp DE purchased a new stake in Stoke Therapeutics, Inc. (NASDAQ:STOK - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 259,708 shares of the company's stock, valued at approximately $8,498,000. Bank of America Corp DE owned about 0.40% of Stoke Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of STOK. BlackRock Inc. acquired a new stake in shares of Stoke Therapeutics during the 2nd quarter worth approximately $192,307,000. Redmile Group LLC boosted its holdings in Stoke Therapeutics by 3.2% during the first quarter. Redmile Group LLC now owns 4,164,120 shares of the company's stock worth $135,584,000 after buying an additional 130,050 shares in the last quarter. BVF Inc. IL grew its position in Stoke Therapeutics by 36.7% during the fourth quarter. BVF Inc. IL now owns 2,265,674 shares of the company's stock valued at $71,912,000 after buying an additional 608,578 shares during the period. Jupiter Topco LLC acquired a new stake in Stoke Therapeutics during the second quarter valued at $59,358,000. Finally, Janus Henderson Group PLC increased its holdings in Stoke Therapeutics by 11.2% in the first quarter. Janus Henderson Group PLC now owns 1,612,781 shares of the company's stock valued at $52,456,000 after buying an additional 161,848 shares in the last quarter.

Stoke Therapeutics Price Performance

NASDAQ STOK opened at $24.80 on Friday. The stock's 50 day simple moving average is $30.22 and its 200-day simple moving average is $31.56. The company has a market cap of $1.60 billion, a PE ratio of -7.43 and a beta of 1.23. Stoke Therapeutics, Inc. has a 1-year low of $20.32 and a 1-year high of $40.22.

Stoke Therapeutics (NASDAQ:STOK - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.13). The firm had revenue of $9.32 million for the quarter, compared to analysts' expectations of $4.89 million. Stoke Therapeutics had a negative return on equity of 59.36% and a negative net margin of 753.60%. On average, equities research analysts anticipate that Stoke Therapeutics, Inc. will post -3.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Guggenheim reissued a "buy" rating and set a $60.00 target price on shares of Stoke Therapeutics in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "sell (d)" rating on shares of Stoke Therapeutics in a research report on Friday, August 7th. JPMorgan Chase & Co. initiated coverage on Stoke Therapeutics in a report on Friday, August 21st. They issued an "overweight" rating and a $40.00 price objective on the stock. Chardan Capital restated a "buy" rating and issued a $35.00 price objective on shares of Stoke Therapeutics in a research report on Tuesday, August 4th. Finally, Wedbush upped their target price on Stoke Therapeutics from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $44.25.

Insider Activity at Stoke Therapeutics

In other Stoke Therapeutics news, insider Barry Ticho sold 5,545 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $30.67, for a total value of $170,065.15. Following the completion of the sale, the insider owned 20,110 shares in the company, valued at approximately $616,773.70. This represents a 21.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jonathan Allan sold 2,861 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $32.03, for a total transaction of $91,637.83. Following the completion of the transaction, the general counsel directly owned 21,225 shares in the company, valued at $679,836.75. This trade represents a 11.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 32,916 shares of company stock valued at $1,025,302. Corporate insiders own 9.60% of the company's stock.

About Stoke Therapeutics

Stoke Therapeutics, Inc is a biotechnology company focused on developing RNA-based medicines for severe genetic diseases. The company's approach is designed to increase the production of functional proteins by selectively targeting RNA splicing, a process that helps determine how genetic information is translated into proteins.

Stoke's technology is based on its TANGO platform, which uses antisense oligonucleotides to promote the inclusion of productive genetic sequences in messenger RNA.

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