Bank of New York Mellon Corp Sells 369,200 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Bank of New York Mellon Corp lowered its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,203,967 shares of the biotechnology company's stock after selling 369,200 shares during the quarter. Bank of New York Mellon Corp owned 1.90% of Pacific Biosciences of California worth $9,523,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PACB. Atria Investments Inc grew its stake in Pacific Biosciences of California by 85.7% in the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 10,138 shares in the last quarter. Intech Investment Management LLC bought a new position in Pacific Biosciences of California in the third quarter valued at approximately $190,000. Charles Schwab Investment Management Inc. grew its stake in Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company's stock valued at $3,469,000 after purchasing an additional 82,807 shares in the last quarter. Senvest Management LLC grew its stake in Pacific Biosciences of California by 36.1% in the third quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company's stock valued at $1,860,000 after purchasing an additional 290,000 shares in the last quarter. Finally, FMR LLC grew its stake in Pacific Biosciences of California by 641.3% in the third quarter. FMR LLC now owns 408,151 shares of the biotechnology company's stock valued at $694,000 after purchasing an additional 353,092 shares in the last quarter.

Remove Ads

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group reduced their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating for the company in a research note on Tuesday, February 18th. Piper Sandler reiterated a "neutral" rating and set a $2.00 target price (down from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, February 25th. Finally, Stephens reiterated an "overweight" rating and set a $2.50 target price on shares of Pacific Biosciences of California in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California has an average rating of "Hold" and a consensus price target of $2.79.

Insider Transactions at Pacific Biosciences of California

In other news, insider Michele Farmer sold 24,349 shares of the business's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the transaction, the insider now owns 187,592 shares of the company's stock, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Oene Mark Van sold 34,405 shares of the business's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the transaction, the insider now directly owns 1,597,454 shares of the company's stock, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Pacific Biosciences of California Price Performance

NASDAQ PACB traded down $0.02 during midday trading on Tuesday, hitting $1.22. The company had a trading volume of 6,122,968 shares, compared to its average volume of 10,028,768. The company has a market capitalization of $334.11 million, a PE ratio of -0.74 and a beta of 1.86. 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 moving average price of $1.59 and a 200-day moving average price of $1.78. Pacific Biosciences of California, Inc. has a twelve month low of $1.16 and a twelve month high of $4.10.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). The firm had revenue of $39.22 million during the quarter, compared to analysts' expectations of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. During the same period in the previous year, the firm earned ($0.27) EPS. As a group, analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

About Pacific Biosciences of California

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.