BNP Paribas Financial Markets Reduces Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

BNP Paribas Financial Markets trimmed its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 34.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 662,728 shares of the biotechnology company's stock after selling 341,387 shares during the period. BNP Paribas Financial Markets owned about 0.24% of Pacific Biosciences of California worth $1,127,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PACB. Clear Harbor Asset Management LLC increased its stake in Pacific Biosciences of California by 4.4% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company's stock worth $164,000 after buying an additional 5,000 shares during the period. Creative Planning increased its position in shares of Pacific Biosciences of California by 30.8% in the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company's stock valued at $55,000 after purchasing an additional 7,629 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Pacific Biosciences of California by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company's stock valued at $322,000 after buying an additional 9,516 shares in the last quarter. Water Island Capital LLC boosted its holdings in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock valued at $27,000 after buying an additional 9,537 shares in the last quarter. Finally, Atria Investments Inc boosted its holdings in shares of Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company's stock valued at $37,000 after buying an additional 10,138 shares in the last quarter.

Pacific Biosciences of California Price Performance

Shares of PACB traded down $0.07 during trading hours on Wednesday, reaching $2.27. The company had a trading volume of 6,122,643 shares, compared to its average volume of 9,656,131. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The firm has a 50 day simple moving average of $1.95 and a 200-day simple moving average of $1.76. Pacific Biosciences of California, Inc. has a 12-month low of $1.16 and a 12-month high of $10.65. The company has a market capitalization of $621.67 million, a price-to-earnings ratio of -1.50 and a beta of 1.95.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PACB. UBS Group cut shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target for the company. in a research note on Monday, November 11th. StockNews.com upgraded shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, November 12th. Piper Sandler increased their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Finally, Scotiabank reduced their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Pacific Biosciences of California currently has an average rating of "Hold" and a consensus target price of $3.63.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.