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

Vanguard Group Inc. reduced its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 13.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,226,858 shares of the biotechnology company's stock after selling 2,415,946 shares during the period. Vanguard Group Inc. owned 5.56% of Pacific Biosciences of California worth $27,865,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. KLP Kapitalforvaltning AS purchased a new position in Pacific Biosciences of California during the fourth quarter worth approximately $75,000. Koss Olinger Consulting LLC raised its position in shares of Pacific Biosciences of California by 150.0% in the 4th quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company's stock worth $3,660,000 after buying an additional 1,200,000 shares during the period. Cibc World Markets Corp acquired a new position in Pacific Biosciences of California in the fourth quarter valued at $47,000. Carret Asset Management LLC grew its position in Pacific Biosciences of California by 31.9% during the fourth quarter. Carret Asset Management LLC now owns 215,000 shares of the biotechnology company's stock valued at $393,000 after acquiring an additional 52,000 shares during the period. Finally, Prosperity Wealth Management Inc. acquired a new stake in Pacific Biosciences of California during the fourth quarter worth about $146,000.

Insider Activity

In other Pacific Biosciences of California news, insider Michele Farmer sold 24,349 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the sale, the insider now owns 187,592 shares in the company, valued at $352,672.96. The trade was a 11.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.40% of the company's stock.

Pacific Biosciences of California Stock Down 2.5 %

Shares of PACB traded down $0.03 during midday trading on Friday, hitting $1.17. The company had a trading volume of 4,070,192 shares, compared to its average volume of 9,855,638. The stock has a market cap of $348.49 million, a price-to-earnings ratio of -0.71 and a beta of 2.04. The company's 50 day moving average price is $1.36 and its 200 day moving average price is $1.70. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California, Inc. has a 52 week low of $1.08 and a 52 week high of $2.72.

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). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The firm had revenue of $39.22 million during the quarter, compared to analyst estimates of $39.20 million. During the same period in the previous year, the company earned ($0.27) earnings per share. On average, equities research analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. The Goldman Sachs Group decreased their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating for the company in a report on Tuesday, February 18th. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, February 25th. Canaccord Genuity Group restated a "buy" rating and set a $3.00 target price on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Scotiabank lowered their price target on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a report on Tuesday, March 25th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $2.00 target price (down previously from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $2.45.

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.