Pacific Biosciences of California, Inc. (NASDAQ:PACB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 83.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 863,639 shares of the biotechnology company's stock after selling 4,340,328 shares during the quarter. Bank of New York Mellon Corp owned 0.29% of Pacific Biosciences of California worth $1,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PACB. Softbank Group CORP. bought a new position in Pacific Biosciences of California during the fourth quarter worth $37,426,000. Millennium Management LLC lifted its stake in Pacific Biosciences of California by 66.9% during the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock worth $31,230,000 after purchasing an additional 6,840,953 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Pacific Biosciences of California during the fourth quarter worth $8,962,000. Northern Trust Corp lifted its stake in Pacific Biosciences of California by 6.7% during the fourth quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company's stock worth $4,602,000 after purchasing an additional 157,145 shares during the last quarter. Finally, Soros Fund Management LLC lifted its stake in Pacific Biosciences of California by 13.1% during the fourth quarter. Soros Fund Management LLC now owns 2,372,265 shares of the biotechnology company's stock worth $4,341,000 after purchasing an additional 274,265 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have issued reports on PACB. Canaccord Genuity Group reiterated a "buy" rating and issued a $3.00 target price on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. Stephens reiterated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Piper Sandler cut their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Finally, Barclays cut their target price on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $2.06.

Pacific Biosciences of California Stock Performance

Shares of NASDAQ PACB traded down $0.02 during midday trading on Monday, reaching $1.32. 2,544,302 shares of the company traded hands, compared to its average volume of 9,908,152. Pacific Biosciences of California, Inc. has a 52 week low of $0.85 and a 52 week high of $2.72. The stock has a 50-day moving average price of $1.32 and a 200 day moving average price of $1.33. The company has a debt-to-equity ratio of 7.05, a current ratio of 6.68 and a quick ratio of 5.87. The company has a market cap of $394.61 million, a price-to-earnings ratio of -0.47 and a beta of 2.17.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.04. Pacific Biosciences of California had a negative net margin of 430.93% and a negative return on equity of 52.07%. The business had revenue of $37.15 million for the quarter, compared to analysts' expectations of $36.90 million. During the same period in the previous year, the business earned ($0.26) earnings per share. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Pacific Biosciences of California Company Profile

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.