ARK Investment Management Cuts PACB Stake to 4.3%

Ticker: PACB · Form: SC 13G/A · Filed: 2024-01-29T00:00:00.000Z

Sentiment: bearish

Topics: institutional-ownership, stake-reduction, amendment, ARK-Invest

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

What is the primary purpose of this SC 13G/A filing?

The primary purpose of this SC 13G/A filing is to report an amendment to ARK Investment Management LLC's beneficial ownership of common stock in Pacific Biosciences of California, Inc., specifically Amendment No. 4, as of December 31, 2023.

Which entity is the 'Reporting Person' in this filing?

The 'Reporting Person' in this filing is ARK Investment Management LLC, as stated on page 2 of 5, item 1: 'NAMES OF REPORTING PERSONS ARK Investment Management LLC'.

What percentage of Pacific Biosciences of California, Inc.'s common stock does ARK Investment Management LLC now beneficially own?

ARK Investment Management LLC now beneficially owns 4.3% of Pacific Biosciences of California, Inc.'s common stock, as indicated by the filing's summary of beneficial ownership.

What was the 'Date of Event Which Requires Filing of this Statement'?

The 'Date of Event Which Requires Filing of this Statement' was December 31, 2023, as specified on the cover page of the filing.

What is the CUSIP Number for Pacific Biosciences of California, Inc. common stock?

The CUSIP Number for Pacific Biosciences of California, Inc. common stock is 69404D108, as listed on the cover page of the filing.

From the Filing

0001104659-24-007689.txt : 20240129 0001104659-24-007689.hdr.sgml : 20240129 20240129160101 ACCESSION NUMBER: 0001104659-24-007689 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240129 DATE AS OF CHANGE: 20240129 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC BIOSCIENCES OF CALIFORNIA, INC. CENTRAL INDEX KEY: 0001299130 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 161590339 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-85738 FILM NUMBER: 24573557 BUSINESS ADDRESS: STREET 1: 1305 O'BRIEN DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 650-521-8000 MAIL ADDRESS: STREET 1: 1305 O'BRIEN DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC BIOSCIENCES OF CALIFORNIA INC DATE OF NAME CHANGE: 20050829 FORMER COMPANY: FORMER CONFORMED NAME: NANOFLUIDICS INC DATE OF NAME CHANGE: 20040729 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ARK Investment Management LLC CENTRAL INDEX KEY: 0001697748 ORGANIZATION NAME: IRS NUMBER: 464309299 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 200 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 212-426-7040 MAIL ADDRESS: STREET 1: 200 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 SC 13G/A 1 tm244117d19_sc13ga.htm SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 4)* Pacific Biosciences of California, Inc. (Name of Issuer) Common stock (Title of Class of Securities) 69404D108 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: x Rule 13d-1(b) ¨ Rule 13d-1(c) ¨ Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 69404D108 13G Page 2 of 5 Pages 1. NAMES OF REPORTING PERSONS ARK Investment Management LLC 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐ 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 33,037,569 6. SHARED VOTING POWER 783,694 7. SOLE DISPOSITIVE POWER 34,504,273 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 34,504,273 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 12.90% 12. TYPE OF REPORTING PERSON IA CUSIP No. 69404D108 13G Page 3 of 5 Pages Item 1(a) Name of issuer: Pacific Biosciences of California, Inc. Item 1(b) Address of issuer's principal executive offices: 1305 O’Brien Drive Menlo Park, CA 94025 Item 2(a) Name of person filing: ARK Investment Management LLC Item 2(b) Address or principal business office or, if none, residence: ARK Investment Management LLC 200 Central Avenue St. Petersburg, FL 33701 Item 2(c) Citizenship: Delaware, United States Item 2(d) Title of class of securities: Common stock Item 2(e) CUSIP No.: 69404D108 Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 24