What Happened?
Shares of genomics company Pacific Biosciences of California (NASDAQ:PACB) jumped 17.9% in the afternoon session after its positive momentum continued as it was disclosed that Cathie Wood's investment firm, ARK Invest, purchased more than one million of the company's shares. The firm's ARKK fund acquired 1,028,318 shares, a stake valued at approximately $2,025,786. The move from the well-known, innovation-focused investor signaled strong confidence in the genomics company. This purchase was also consistent with ARK's buying pattern of PacBio stock over the preceding week, highlighting the firm's continued positive view of the sector.
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What Is The Market Telling Us
PacBio’s shares are extremely volatile and have had 83 moves greater than 5% over the last year. But moves this big are rare even for PacBio and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 7 days ago when the stock gained 4.4% on the news that the company received a significant vote of confidence from Cathie Wood's ARK Invest. The well-known investment firm's ARKG exchange-traded fund (ETF) purchased 1,035,568 shares of the biotech company, a transaction valued at $1,905,445. A substantial purchase by a prominent investor like ARK Invest often signaled strong belief in a company's technology and future prospects. This move likely encouraged other investors and led to increased buying activity, which pushed the stock price higher during the session.
PacBio is up 28.1% since the beginning of the year, but at $2.31 per share, it is still trading 13% below its 52-week high of $2.65 from November 2024. Investors who bought $1,000 worth of PacBio’s shares 5 years ago would now be looking at an investment worth $174.04.
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