Sumitomo Mitsui Trust Group Inc. Has $20.17 Million Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 6.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,865,766 shares of the biotechnology company's stock after selling 774,795 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 4.35% of Pacific Biosciences of California worth $20,172,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Water Island Capital LLC lifted its position in Pacific Biosciences of California by 91.1% in the second quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 9,537 shares during the period. Simplicity Wealth LLC acquired a new stake in Pacific Biosciences of California in the second quarter worth approximately $29,000. Impact Partnership Wealth LLC acquired a new stake in Pacific Biosciences of California in the second quarter worth approximately $37,000. Atria Investments Inc lifted its position 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 worth $37,000 after purchasing an additional 10,138 shares during the period. Finally, Ballentine Partners LLC acquired a new stake in Pacific Biosciences of California in the third quarter worth approximately $43,000.

Pacific Biosciences of California Stock Down 1.6 %

Pacific Biosciences of California stock traded down $0.02 during mid-day trading on Monday, hitting $1.57. 13,263,878 shares of the company's stock were exchanged, compared to its average volume of 9,662,968. The company has a current ratio of 9.74, a quick ratio of 7.14 and a debt-to-equity ratio of 1.97. The stock has a market cap of $429.96 million, a P/E ratio of -1.08 and a beta of 2.01. Pacific Biosciences of California, Inc. has a 1-year low of $1.16 and a 1-year high of $10.65. The stock has a 50 day moving average of $1.91 and a two-hundred day moving average of $1.77.

Analysts Set New Price Targets

PACB has been the subject of a number of research analyst reports. Canaccord Genuity Group cut their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. UBS Group cut Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target on the stock. in a report on Monday, November 11th. Morgan Stanley dropped their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an "equal weight" rating on the stock in a report on Monday, August 12th. Piper Sandler upped their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a "neutral" rating in a report on Monday, November 11th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $3.63.

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.