Assenagon Asset Management S.A. Makes New $1.78 Million Investment in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,295,303 shares of the biotechnology company's stock, valued at approximately $1,775,000. Assenagon Asset Management S.A. owned about 0.48% of Pacific Biosciences of California at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Edmond DE Rothschild Holding S.A. boosted its stake in shares of Pacific Biosciences of California by 955.5% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company's stock worth $39,402,000 after purchasing an additional 9,511,787 shares during the period. Vanguard Group Inc. boosted its position in shares of Pacific Biosciences of California by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company's stock valued at $262,806,000 after buying an additional 3,514,792 shares during the period. Decheng Capital LLC bought a new position in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $28,845,000. Jackson Square Partners LLC raised its holdings in shares of Pacific Biosciences of California by 40.0% in the fourth quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company's stock worth $95,204,000 after buying an additional 2,770,901 shares during the period. Finally, Norges Bank bought a new stake in shares of Pacific Biosciences of California during the 4th quarter worth approximately $13,486,000.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PACB. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, August 13th. Canaccord Genuity Group reduced their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. Barclays lowered their price target on Pacific Biosciences of California from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Friday, May 10th. Jefferies Financial Group started coverage on Pacific Biosciences of California in a report on Monday, June 3rd. They set a "buy" rating and a $4.00 price objective on the stock. Finally, Piper Sandler lowered their target price on Pacific Biosciences of California from $6.50 to $2.00 and set a "neutral" rating for the company in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $4.58.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 38,011 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares of the company's stock, valued at approximately $2,707,152.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares of the company's stock, valued at $2,707,152.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction on Monday, August 19th. The stock was sold at an average price of $1.59, for a total value of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares of the company's stock, valued at approximately $1,382,870.70. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

Pacific Biosciences of California Stock Down 6.8 %

PACB traded down $0.10 during trading on Thursday, hitting $1.44. 4,651,845 shares of the stock were exchanged, compared to its average volume of 9,421,641. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. Pacific Biosciences of California, Inc. has a 1-year low of $1.16 and a 1-year high of $11.96. The stock has a fifty day moving average price of $1.61 and a two-hundred day moving average price of $2.73.

Pacific Biosciences of California 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.