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Cathie Wood buys into recently declining tech stock for millions of dollars

Ark Invest increased its holding in the biotech firm, Pacific Biosciences of California  (PACB) – Get Free Report Tuesday, picking up 207,857 shares of the company at around $11 per share. The purchase was made by Ark’s flagship Innovation ETF  (ARKK) – Get Free Report, which now owns a total of 15.1 million shares of the company, valued at $168.5 million and weighted at 2.14% of the fund. 

The fund also sold off more than 140,000 shares of Shopify  (SHOP) – Get Free Report, worth more than $9 million. 

Related: Elon Musk approves of Cathie Wood’s bold bull thesis for Tesla

As Cathie Wood, the CEO and investment lead of Ark Invest, is shoring up her holding in PacBio, other investors seem to have the same idea. Credit Suisse AG picked up hundreds of thousands of shares in PacBio throughout the year, and now owns a total of .09% of the company, worth $2.6 million according to its most recent SEC filing

Ark’s purchase comes about a month after the firm reported second-quarter earnings, bringing in $47.6 million in revenue, a 34% increase from the year-ago period. The company reported gross profit of $15.5 million for the quarter, a 4% decrease from the prior year. 

PacBio reported a net loss per share of 28 cents per share, compared to 32 cents per share it lost the year before. 

More on Ark Invest:

PacBio — a life sciences company working on developing advanced genetic sequencing solutions — has taken a bit of a tumble over the last month or so, falling from its August high of $13.34. The stock closed Tuesday at $11.13 per share.

The average analyst price target for the firm is $15.22, with a high of $19 per share. Analysts have rated the company a moderate buy. 

“PacBio continued to gain momentum in the second quarter as Revio demand drove record quarterly revenue,” president and CEO Christian Henry said in a statement. “The team continues to execute on scaling manufacturing and delivering the new product to customers, and we’re seeing customers ramp sequencing on Revio.”

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https://www.thestreet.com/investing/stocks/cathie-wood-buys-into-recently-declining-stock Cathie Wood buys into recently declining tech stock for millions of dollars

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