According to a newly-amended 13G filing with the US Securities and Exchange Commission, Roberto Mignone‘s Bridger Management owns 4.46 million shares of Pacific Biosciences Of California Inc. (NASDAQ:PACB), which account for 5.1% of the company’s 86,99 million shares the company reported outstanding as of April 1. The position compares to some 2.16 million shares Bridger disclosed in its 13F filing for the end of the fourth quarter.
Pacific Biosciences of California is a biotechnology company that invents and creates sequencing systems in order to help scientists resolve genetically complex issues, and some of its technology enables single molecule, real time discovery of a variety of biological processes. Over the past 12 months, the company’s shares have increased by 80.3%. Last week, Pacific Biosciences of California reported its first-quarter results and even though the company posted a loss of $0.23 per share, it was better than the expected loss of $0.25 per share, while the revenue of $19.10 million topped the estimates of $18.02 million.
At the end of December, 18 funds tracked by Insider Monkey 18 reported long positions in Pacific Biosciences Of California Inc. (NASDAQ:PACB) up from 11 funds a quarter earlier. Lee Ainslie’s Maverick Capital held the biggest position, valued at $99.3 million, and Mitchell Blutt’s Consonance Capital Management, reported the second-largest stake valued at about $72.2 million in stock. Other money managers that are bullish on this stock were Jim Simons’s Renaissance Technologies and James E. Flynn’s Deerfield Management, Ken Greenberg and David Kim’s Ghost Tree Capital, Phill Gross and Robert Atchinson’s Adage Capital Management, and Dmitry Balyasny’s Balyasny Asset Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Bridger Management | 0 | 4,462,170 | 0 | 4,462,170 | 4,462,170 | 5.1% |
| Roberto Mignone | 0 | 4,462,170 | 0 | 4,462,170 | 4,462,170 | 5.1% |
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Page 1 of 6 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Pacific Biosciences of California, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
69404D108
(CUSIP Number)
April 15, 2016
(Date of Event which requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐ 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 the 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).
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Page 2 of 6 – SEC Filing
SCHEDULE 13G
| CUSIP No. 69404D108 |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) Bridger Management, LLC | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) o (b) x |
| 3 | SEC USE ONLY | |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
| NUMBER OF SHARES | 5 | SOLE VOTING POWER 0 |
| BENEFICIALLY OWNED BY | 6 | SHARED VOTING POWER 4,462,170 |
| EACH REPORTING | 7 | SOLE DISPOSITIVE POWER 0 |
| PERSON WITH | 8 | SHARED DISPOSITIVE POWER 4,462,170 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,462,170 | |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* | o |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.1%* | |
| 12 | TYPE OF REPORTING PERSON* IA | |
*Based on the 86,986,127 shares of common stock disclosed by the Issuer as outstanding as of April 1, 2016, as reported by the Issuer in its Form DEF-14A filed with the Securities and Exchange Commission on April 4, 2016.
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Page 3 of 6 – SEC Filing
| CUSIP No. 69404D108 |
| 1 | NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) Roberto Mignone | |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) o (b) x |
| 3 | SEC USE ONLY | |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | |
| NUMBER OF SHARES | 5 | SOLE VOTING POWER 0 |
| BENEFICIALLY OWNED BY | 6 | SHARED VOTING POWER 4,462,170 |
| EACH REPORTING | 7 | SOLE DISPOSITIVE POWER 0 |
| PERSON WITH | 8 | SHARED DISPOSITIVE POWER 4,462,170 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,462,170 | |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* | o |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.1%* | |
| 12 | TYPE OF REPORTING PERSON* IN | |
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Page 4 of 6 – SEC Filing
| Item 1(a). | Name of Issuer: Pacific Biosciences of California, Inc. |
| Item 1(b). | Address of Issuer’s Principal Executive Offices: |
| 1380 Willow Road, Menlo Park, CA 94025 | |
| Item 2(a, b, c). | Name of Persons Filing, Address of Principal Business Office, Citizenship: |
| Bridger Management, LLC, a Delaware limited liability company, 90 Park Avenue – 40th Floor, New York, NY 10016 | |
| Mr. Roberto Mignone (“Mr. Mignone”), 90 Park Avenue – 40th Floor, New York, NY 10016. Mr. Mignone is a United States citizen. | |
| Item 2(d). | Title of Class of Securities: Common Stock, par value $0.001 per share (the “Common Stock”) |
| Item 2(e). | CUSIP Number: 69404D108 |
| Item 3. | Not Applicable. |
| Item 4. | Ownership. |
| Information with respect to the Reporting Persons’ ownership of the Common Stock as of April 25, 2016, is incorporated by reference to items (5) – (9) and (11) of the cover page of the respective Reporting Person. | |
| Swiftcurrent Partners L.P., Swiftcurrent Offshore Master, Ltd., and Bridger Healthcare, Ltd. are the owners of record of the Common Stock reported herein. Bridger Management, LLC is the investment adviser to Swiftcurrent Partners L.P., Swiftcurrent Offshore Master, Ltd., and Bridger Healthcare, Ltd. Mr. Mignone is the manager of Bridger Management, LLC. Each of Bridger Management LLC and Mr. Mignone may be deemed to share beneficial ownership of the Common Stock reported herein. | |
| Item 5. | Ownership of Five Percent or less of a Class: |
| If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. | |
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. |
| See Item 4. | |
| 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. | |
| Item 8. | Identification and Classification of Members of the Group. |
| Not Applicable. | |
| Item 9. | Notice of Dissolution of Group. |
| Not Applicable. | |
| Item 10. | Certification. |
| By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. |
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Page 5 of 6 – SEC Filing
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.
DATED: April 25, 2016
| BRIDGER MANAGEMENT, LLC | |||
| By: | /s/ Roberto Mignone | ||
| Roberto Mignone, Manager | |||
| /s/ Roberto Mignone | |||
| Roberto Mignone, Individually | |||
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Page 6 of 6 – SEC Filing
EXHIBIT INDEX
Exhibit I: Joint Filing Statement Pursuant to Rule 13d-1(k)
Exhibit I
JOINT FILING STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on Schedule 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.
DATED: April 25, 2016
| BRIDGER MANAGEMENT, LLC | |||
| By: | /s/ Roberto Mignone | ||
| Roberto Mignone, Manager | |||
| /s/ Roberto Mignone | |||
| Roberto Mignone, Individually | |||
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