Vestmark Advisory Solutions Inc. Sells 692,663 Shares of Pacific Biosciences of California, Inc. $PACB

Vestmark Advisory Solutions Inc. lessened its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 53.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 601,523 shares of the biotechnology company’s stock after selling 692,663 shares during the period. Vestmark Advisory Solutions Inc. owned 0.20% of Pacific Biosciences of California worth $770,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PACB. Cim Investment Management Inc. lifted its position in Pacific Biosciences of California by 100.7% during the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 12,822 shares during the period. SteelPeak Wealth LLC increased its stake in shares of Pacific Biosciences of California by 95.6% during the third quarter. SteelPeak Wealth LLC now owns 29,930 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 14,626 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Pacific Biosciences of California by 73.0% during the second quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 15,062 shares during the last quarter. Financial Advocates Investment Management purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at approximately $50,000. Finally, Western Wealth Management LLC bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth approximately $52,000.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Stephens increased their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Barclays raised their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a report on Monday, December 15th. Zacks Research upgraded shares of Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Piper Sandler increased their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Moderate Buy” and a consensus price target of $2.20.

Pacific Biosciences of California Stock Up 9.2%

PACB stock opened at $1.78 on Friday. The stock has a market capitalization of $537.40 million, a P/E ratio of -0.97 and a beta of 2.27. The company has a debt-to-equity ratio of 17.88, a current ratio of 6.24 and a quick ratio of 5.40. Pacific Biosciences of California, Inc. has a 1-year low of $0.85 and a 1-year high of $2.73. The business has a fifty day moving average price of $1.98 and a 200-day moving average price of $1.78.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, February 12th. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.07. Pacific Biosciences of California had a negative return on equity of 251.75% and a negative net margin of 341.47%.The company had revenue of $44.65 million during the quarter, compared to the consensus estimate of $44.60 million. Equities analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In related news, insider Michele Farmer sold 35,215 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total value of $55,639.70. Following the sale, the insider owned 234,044 shares in the company, valued at approximately $369,789.52. This trade represents a 13.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christian O. Henry sold 331,793 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total transaction of $524,232.94. Following the sale, the insider owned 2,814,374 shares of the company’s stock, valued at approximately $4,446,710.92. This represents a 10.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 707,731 shares of company stock worth $1,128,762 over the last quarter. Company insiders own 2.50% of the company’s stock.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.