Shares of Pacific Biosciences of California (PACB), a life science technology company focused on solving genetic problems, have been experiencing recent struggles. After reaching 52-week highs in July, the company’s stock took a dive throughout August and again in the second half of September. However, in October, PacBio shares began to rebound, making up some of the lost ground.
On October 11, PacBio released a new standardized computational method for genome sequencing data analysis. This new release simplifies the genome sequencing process by integrating various third-party tools, providing customers with a high-performance solution. In the midst of this volatile market, Cathie Wood, the CEO and investment lead of Ark Invest, increased her firm’s holding in PacBio by over $5 million on October 11. Ark Innovation now holds a total of 17.2 million shares in PacBio, valued at $155 million. Despite recent turbulence, PacBio reported a 34% increase in revenue for the second quarter of 2023 compared to the same period last year, although operating expenses also increased during this time. The average analyst price target for PacBio is $13.10, with a consensus rating of a moderate buy.
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