Shares of Pacific Biosciences of California Inc. (PACB) shot up 22.3% toward a record in morning trading Wednesday, ahead of the genetic analysis company's fourth-quarter report due out after the closing bell, after the announcement that Japan-based Softbank Group Corp. invested $900 million in the company. The stock has now soared 230.0% over the past three months and skyrocketed 1,051.7% over the past year. In comparison, the iShares Nasdaq Biotechnology ETF (IBB) has advanced 39.7% over the past 12 months and the S&P 500 has gained 16.5%. The company said Softbank's investment was in the form of convertible senior notes, 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 altering the practice of healthcare," said Akshay Naheta, chief executive of Softbank's SB Management. Separately, Pacific Biosciences is expected to report later fourth-quarter earnings 43 cents a share on revenue of $24.05 million, after breaking even on a per-share basis on revenue of $27.93 million, in the same period a year ago.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
02-10-21 1029ETCopyright (c) 2021 Dow Jones & Company, Inc.