Pacific Biosciences of California, Inc. (NASDAQ:PACB) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,178,501 shares of the biotechnology company's stock after selling 1,687,265 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 3.72% of Pacific Biosciences of California worth $18,627,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC increased its position in shares of 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 buying an additional 353,092 shares in the last quarter. State Street Corp increased its position in shares of Pacific Biosciences of California by 5.7% in the third quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company's stock valued at $10,669,000 after buying an additional 340,766 shares in the last quarter. Soros Fund Management LLC increased its position in shares of Pacific Biosciences of California by 23.6% in the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company's stock valued at $3,567,000 after buying an additional 400,000 shares in the last quarter. Barclays PLC increased its position in shares of Pacific Biosciences of California by 143.0% in the third quarter. Barclays PLC now owns 595,150 shares of the biotechnology company's stock valued at $1,011,000 after buying an additional 350,196 shares in the last quarter. Finally, Senvest Management LLC increased its position in shares of 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 buying an additional 290,000 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PACB shares. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research report on Friday. Piper Sandler raised their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a "neutral" rating in a research report on Monday, November 11th. The Goldman Sachs Group dropped their price target on Pacific Biosciences of California from $2.25 to $1.75 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Stephens reiterated an "overweight" rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a research report on Friday. Finally, Scotiabank dropped their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2.85.

Pacific Biosciences of California Trading Up 25.0 %

PACB traded up $0.37 during midday trading on Friday, hitting $1.85. The company's stock had a trading volume of 45,822,557 shares, compared to its average volume of 12,478,404. 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 market cap of $506.64 million, a P/E ratio of -1.27 and a beta of 1.92. The firm has a 50-day moving average price of $1.80 and a two-hundred day moving average price of $1.79. Pacific Biosciences of California, Inc. has a 52-week low of $1.16 and a 52-week high of $6.83.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released 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). Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. During the same period last year, the company posted ($0.27) EPS. On average, research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.91 earnings per share for the current year.

Insider Activity

In related news, insider Oene Mark Van sold 34,405 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the transaction, the insider now directly owns 1,597,454 shares of the company's stock, valued at approximately $3,242,831.62. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.40% of the company's stock.

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.