Shares of Pacific Biosciences of California Inc. PACB,
rose 22.3% to a record in Wednesday morning’s trades ahead of the fourth-quarter genetic analysis company’s report, which will be released after the closing bell, following the announcement that Softbank Group Corp. SFTBY, based in Japan,
9984,
invested $ 900 million in the company. The stock has now increased by 230.0% in the last three months and increased by 1,051.7% in the last year. In comparison, the IBS iShares Nasdaq Biotechnology ETF
has advanced 39.7% in the last 12 months and the S&P 500 SPX,
gained 16.5%. The company said Softbank’s investment was in the form of senior convertible banknotes, which will mature in February 2028 and will have an initial conversion price of $ 43.50 or 10% above Tuesday’s closing price of $ 39.54. “We believe that PacBio’s HiFi sequencing will be the de facto standard tool for population genomics, fundamentally changing healthcare practice,” said Akshay Naheta, CEO of Softbank SB Management. Separately, Pacific Biosciences is expected to report subsequent fourth-quarter earnings of 43 cents per share on revenue of $ 24.05 million, after resulting in a share per share on revenue of $ 27.93 million. , in the same period a year ago.