Cathie Wood is Buying These 5 Stocks

In this article, we discuss Cathie Wood is Buying These 5 Stocks. If you want to read our detailed analysis of these stocks, go directly to Cathie Wood is Buying These 10 Stocks.

5. Pacific Biosciences of California, Inc. (NASDAQ:PACB)

ARK Investment Management’s Stake Value: $580,575,000

ARK Investment Management’s 13F Portfolio: 1.39%

Number of Hedge Fund Holders: 28

Pacific Biosciences of California, Inc. (NASDAQ:PACB) manufactures genomic sequencing systems. The company recorded an 83% revenue growth in Q3 2021 with total revenue of $34.9 million and surpassing estimates by $1.3 million. Pacific Biosciences of California, Inc. (NASDAQ:PACB) installed 326 Sequel II/IIe systems in the third quarter, up from 168 in the previous year. The stock gained 69% in the past twelve months. 

Cathie Wood increased her holdings of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 11% in the third quarter of 2021. ARK Investment Management owned 22.7 million shares of the genomic stock worth $580 million at the end of the September quarter. 

As of the end of the second quarter, 28 hedge funds tracked by Insider Monkey reported owning stakes in Pacific Biosciences of California, Inc. (NASDAQ:PACB). The total worth of these stakes is $1.64 billion.

In October, Cowen’s analyst Dan Brennan kept a Market Perform on Pacific Biosciences of California, Inc. (NASDAQ:PACB) with a $30 price target. 

In its Q2 2021 investor letter, DEVON Equity Management mentioned Pacific Biosciences of California, Inc. (NASDAQ: PACB) and discussed its stance on the firm. Here is what the fund said:

“As a final word on Sequencing – we established a position in Pacific Biosciences (PACB US) during the quarter. Pac Bio is the leader in Long Read Sequencing (Illumina are dominant in Short Read). The Long Read market is far less developed than the short read, but our continued research into the genomic sequencing field increased our confidence in the commercial viability for Long Read Sequencing in the coming years. We will discuss the investment case for Pac Bio in more detail in a future letter.”