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Cathie Wood believes in Pacific Biosciences - ARK Innovation is buying
Discover why ARK Invest's Cathie Wood decided to invest in Pacific Biosciences stock despite its significant share price decline. Read more about the strategy behind this move. Get all the details now!
Cathie Wood believes in Pacific Biosciences - ARK Innovation is buying
Shares of biotechnology company Pacific Biosciences of California have remained off their highs in recent years, but that hasn't stopped star investor Cathie Wood from investing in the company. Wood saw the recent share price drop as a good opportunity to get into Pacific Biosciences shares. Pacific Biosciences, which develops sequencing systems for gene sequencing, increased its revenue growth in 2023 while reducing loss.
Despite a significant decline in PacBio shares since the beginning of the year, Cathie Wood showed interest in the company with her flagship ETF ARK Innovation. She bought nearly 350,000 Pacific Biosciences shares in two transactions and had previously increased her stake in PacBio. In the fourth quarter of 2023, Pacific Biosciences increased its revenue by 113 percent to $58.4 million and reduced its net loss compared to the same period last year.
The company reported a 56 percent increase in revenue for full-year 2023 and narrowed its net loss compared to the previous year. Despite this, Pacific Biosciences does not appear to be profitable yet, and the stock has declined significantly from its 2021 highs. Still, several analysts are optimistic about the future of PacBio stock, and the average price target implies significant upside potential. Cathie Wood's investments in the company could therefore represent positive signals for potential investors.