Bank of New York Mellon Corp Cuts Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Bank of New York Mellon Corp lessened its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 12.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 9,935,171 shares of the biotechnology company's stock after selling 1,440,228 shares during the period. Bank of New York Mellon Corp owned approximately 3.65% of Pacific Biosciences of California worth $13,611,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. grew its holdings in Pacific Biosciences of California by 955.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company's stock worth $39,402,000 after acquiring an additional 9,511,787 shares during the period. Vanguard Group Inc. grew its stake in shares of Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company's stock worth $262,806,000 after purchasing an additional 3,514,792 shares during the period. Decheng Capital LLC purchased a new position in shares of Pacific Biosciences of California in the 4th quarter valued at about $28,845,000. Jackson Square Partners LLC lifted its stake 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 valued at $95,204,000 after purchasing an additional 2,770,901 shares during the period. Finally, Norges Bank purchased a new stake in Pacific Biosciences of California during the fourth quarter worth about $13,486,000.

Pacific Biosciences of California Trading Up 5.1 %

Shares of NASDAQ PACB traded up $0.08 during midday trading on Monday, reaching $1.66. 13,798,974 shares of the stock were exchanged, compared to its average volume of 9,643,849. The stock has a 50 day moving average price of $1.60 and a 200-day moving average price of $2.28. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $452.40 million, a P/E ratio of -1.46 and a beta of 2.04. Pacific Biosciences of California, Inc. has a 52-week low of $1.16 and a 52-week high of $11.96.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.04. The firm had revenue of $36.01 million for the quarter, compared to analyst estimates of $40.52 million. Pacific Biosciences of California had a negative net margin of 211.99% and a negative return on equity of 40.98%. Equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PACB shares. Jefferies Financial Group started coverage on shares of Pacific Biosciences of California in a research report on Monday, June 3rd. They set a "buy" rating and a $4.00 price target for the company. Piper Sandler decreased their target price on Pacific Biosciences of California from $6.50 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, May 13th. Cantor Fitzgerald reissued an "overweight" rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Scotiabank cut their price target on Pacific Biosciences of California from $8.00 to $7.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 28th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $4.50.

Insider Activity

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

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.