What Happened?
Shares of genomics company Pacific Biosciences of California (NASDAQ:PACB) jumped 2.9% in the morning session after news from a previous session revealed that Cathie Wood's investment firm, ARK Invest, had purchased a substantial number of its shares. The stock's upward trend began in a prior session when it gained 6.1% following the news of the significant purchase by the well-known investment firm. The continued buying interest suggested that investors remained optimistic about the company's prospects following the high-profile investment, which is often seen as a vote of confidence in a company's technology and future growth.
After the initial pop the shares cooled down to $1.89, up 0.9% from previous close.
Is now the time to buy PacBio? Access our full analysis report here.
What Is The Market Telling Us
PacBio’s shares are extremely volatile and have had 84 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock gained 6.1% on the news that Cathie Wood's investment firm, ARK Invest, purchased a substantial number of its shares. The firm's transaction reports showed the acquisition of 423,426 shares of Pacific Biosciences of California for approximately $724,058. This move was part of a series of end-of-year portfolio adjustments by ARK Invest. The purchases indicated a strategic tilt toward the biotechnology sector as the firm increased its holdings in several biotech companies.
Investors who bought $1,000 worth of PacBio’s shares 5 years ago would now be looking at an investment worth $71.51.
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