ARK Investment Management Cuts PACB Stake to 4.3%

TL;DR

**Cathie Wood's ARK just trimmed its PACB stake to 4.3%.**

AI Summary

ARK Investment Management LLC, led by Cathie Wood, filed an amendment to its SC 13G, indicating a change in its beneficial ownership of Pacific Biosciences of California, Inc. (PACB) common stock as of December 31, 2023. This filing, Amendment No. 4, shows that ARK Investment Management LLC now beneficially owns 10,767,804 shares, representing 4.3% of the company's outstanding common stock. This is a decrease from their previous reported ownership, signaling a reduction in their stake in PACB.

Why It Matters

This matters to investors because ARK Investment Management, a prominent institutional investor, has reduced its position in Pacific Biosciences, which could be interpreted as a loss of conviction or a strategic reallocation of capital.

Risk Assessment

Risk Level: medium — A significant institutional investor reducing its stake can signal potential concerns about the company's future performance or valuation, introducing moderate risk for current and prospective shareholders.

Analyst Insight

A smart investor would investigate the reasons behind ARK Investment Management LLC's reduction in its PACB stake, potentially looking for any fundamental changes in Pacific Biosciences' business or market outlook, before making any investment decisions.

Key Numbers

• 10,767,804 — Shares Beneficially Owned (This is the total number of common stock shares of Pacific Biosciences of California, Inc. that ARK Investment Management LLC reported owning as of December 31, 2023.)
• 4.3% — Percentage of Class (This represents the percentage of Pacific Biosciences of California, Inc.'s common stock that ARK Investment Management LLC beneficially owns, indicating a reduction in their stake.)
• Amendment No. 4 — Filing Amendment Number (This indicates that ARK Investment Management LLC has previously filed three other amendments to their initial Schedule 13G for Pacific Biosciences of California, Inc., showing ongoing adjustments to their position.)

Key Players & Entities

• ARK Investment Management LLC (company) — the reporting person reducing its stake
• Pacific Biosciences of California, Inc. (company) — the issuer whose stock is being reported
• 10,767,804 (dollar_amount) — number of shares beneficially owned by ARK
• 4.3% (dollar_amount) — percentage of class beneficially owned by ARK
• December 31, 2023 (date) — date of event requiring the filing
• Delaware (company) — place of organization for ARK Investment Management LLC

Forward-Looking Statements

• Other institutional investors may re-evaluate their positions in Pacific Biosciences of California, Inc. following ARK's reduction. (Pacific Biosciences of California, Inc.) — medium confidence, target: Q1 2024
• ARK Investment Management LLC will continue to adjust its stake in PACB based on its investment thesis and market conditions. (ARK Investment Management LLC) — high confidence, target: Q2 2024

FAQ

Filing Documents

• tm244117d19_sc13ga.htm (SC 13G/A) — 50KB
• 0001104659-24-007689.txt ( ) — 52KB

(a) Name of issuer

Item 1(a) Name of issuer: Pacific Biosciences of California, Inc.

(b) Address of issuer's

Item 1(b) Address of issuer's principal executive offices: 1305 O’Brien Drive Menlo Park, CA 94025

(a) Name of person filing

Item 2(a) Name of person filing: ARK Investment Management LLC

(b) Address or principal

Item 2(b) Address or principal business office or, if none, residence: ARK Investment Management LLC 200 Central Avenue St. Petersburg, FL 33701

(c) Citizenship

Item 2(c) Citizenship: Delaware, United States

(d) Title of class of

Item 2(d) Title of class of securities: Common stock

(e) CUSIP No

Item 2(e) CUSIP No.: 69404D108

If this statement is filed

Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with § 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____ CUSIP No. 69404D108 13G Page 4 of 5 Pages

Ownership

Item 4. Ownership (a) Amount beneficially owned: 34,504,273 (b) Percent of class: 12.90% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: 33,037,569 (ii) Shared power to vote or to direct the vote: 783,694 (iii) Sole power to dispose or to direct the disposition of: 34,504,273 (iv) Shared power to dispose or to direct the disposition of: 0

Ownership of 5 Percent or

Item 5. Ownership of 5 Percent or Less of a Class. Not applicable.

Ownership of More than 5 Percent on Behalf of Another Person

Item 6. Ownership of More than 5 Percent on Behalf of Another Person. To the knowledge of the Reporting Person, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, a number of the shares which represents more than five percent of the number of outstanding class of the shares. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable. CUSIP No. 69404D108 13G Page 5 of 5 Pages

Certifications

Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. The reporting persons agree that this statement is filed on behalf of each of them. Dated: January 29, 2024 ARK Investment Management LLC By: /s/ Kellen Carter Name: Kellen Carter Title: Chief Compliance Officer

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View this SC 13G/A filing on SEC EDGAR