Bank of New York Mellon Corp Sells 4,340,328 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Bank of New York Mellon Corp lowered its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 83.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 approximately 0.29% of Pacific Biosciences of California worth $1,019,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Softbank Group CORP. acquired a new stake in Pacific Biosciences of California in the 4th quarter valued at about $37,426,000. Millennium Management LLC increased its position in Pacific Biosciences of California by 66.9% in the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock valued at $31,230,000 after acquiring an additional 6,840,953 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Pacific Biosciences of California in the 4th quarter valued at about $8,962,000. Northern Trust Corp increased its position in Pacific Biosciences of California by 6.7% in the 4th quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company's stock valued at $4,602,000 after acquiring an additional 157,145 shares in the last quarter. Finally, Soros Fund Management LLC increased its position in Pacific Biosciences of California by 13.1% in the 4th quarter. Soros Fund Management LLC now owns 2,372,265 shares of the biotechnology company's stock valued at $4,341,000 after acquiring an additional 274,265 shares in the last quarter.

Pacific Biosciences of California Stock Performance

PACB traded down $0.05 during trading on Friday, hitting $1.33. 7,362,621 shares of the company traded hands, compared to its average volume of 7,092,971. The firm has a market cap of $399.11 million, a P/E ratio of -0.48 and a beta of 2.17. The stock's fifty day moving average is $1.32 and its 200 day moving average is $1.33. The company has a quick ratio of 5.87, a current ratio of 6.68 and a debt-to-equity ratio of 7.05. Pacific Biosciences of California, Inc. has a one year low of $0.85 and a one year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 52.07% and a negative net margin of 430.93%. 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 posted ($0.26) EPS. As a group, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group restated a "buy" rating and set a $3.00 price objective on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Barclays decreased their price objective on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Wednesday, June 25th. Piper Sandler decreased their price objective on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a report on Thursday, May 15th. Finally, Stephens restated an "overweight" rating and set a $1.80 price objective on shares of Pacific Biosciences of California in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $2.06.

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.