Cathie Wood snaps up $5 million of tech stock PacBio
Ark Invest also trimmed its top holding by nearly $10 million.
Shares of Pacific Biosciences of California (PACB) - Get Free Report, a life science technology company focused on solving genetic problems, are struggling lately. After climbing to 52-week highs in July, the company's stock plummeted throughout August, then again in the second half of September.
Up around 10% for the year, PacBio shares began to climb at the beginning of October, making up some lost ground.
Related: Cathie Wood buys into recently declining tech stock for millions of dollars
On Oct. 11, PacBio made available a new, standardized computational method for genome sequencing data analysis. This latest release streamlines genome sequencing into a single workflow, integrating a number of third-party tools and granting customers access to a high-performance solution, according to a company statement.
In the midst of this ongoing volatility, Cathie Wood, the CEO and investment lead of Ark Invest, boosted her firm's holding in PacBio by more than $5 million Oct. 11. Ark's flagship Innovation ETF, at 588,818 shares, picked up the bulk of the purchase. Ark Innovation now holds a total of 17.2 million shares in PacBio, worth $155 million and weighted at 2.23% of the fund.
The biotech firm's second quarter of 2023 saw a 34% increase in revenue to $47.6 million, compared to the $35.5 million it earned in the year-ago period. PacBio's operating expenses for the quarter, however, increased to $88.7 million, above the $84.2 million the company noted in operating expenses the previous year.
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PacBio reported a net loss for the quarter of $69.8 million, slightly better than the $71.4 million it lost last year.
The average analyst price target for the tech firm is pegged at $13.10, with a consensus rating of a moderate buy. Barclays cut its price target for PacBio at the end of September, from $14 to $9.
Shares of PacBio rose slightly in pre-market trading to $9.09.
Ark Innovation additionally sold 37,268 shares of Tesla (TSLA) - Get Free Report, trimming the firm's most bullish holding by nearly $10 million.
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