BlackRock Inc. Buys Shares of 32,339,550 Pacific Biosciences of California, Inc. $PACB

BlackRock Inc. purchased a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 32,339,550 shares of the biotechnology company's stock, valued at approximately $54,330,000. BlackRock Inc. owned 10.41% of Pacific Biosciences of California at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PACB. ARK Investment Management LLC raised its holdings in Pacific Biosciences of California by 20.5% during the fourth quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company's stock worth $69,684,000 after purchasing an additional 6,340,125 shares during the last quarter. Vanguard Group Inc. grew its holdings in Pacific Biosciences of California by 2.3% in the third quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company's stock valued at $20,966,000 after purchasing an additional 362,797 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Pacific Biosciences of California by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 7,078,744 shares of the biotechnology company's stock valued at $13,241,000 after buying an additional 172,089 shares in the last quarter. Millennium Management LLC increased its position in shares of Pacific Biosciences of California by 500.9% in the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company's stock valued at $6,293,000 after buying an additional 4,098,555 shares in the last quarter. Finally, Casdin Capital LLC raised its stake in shares of Pacific Biosciences of California by 483.6% during the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company's stock worth $7,898,000 after buying an additional 3,500,000 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PACB shares. Wall Street Zen downgraded shares of Pacific Biosciences of California from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings downgraded shares of Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 25th. Finally, Barclays increased their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an "underweight" rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $1.83.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 26,911 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $1.13, for a total transaction of $30,409.43. Following the transaction, the insider owned 2,705,853 shares of the company's stock, valued at $3,057,613.89. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 3.70% of the company's stock.

Pacific Biosciences of California Trading Down 3.2%

NASDAQ:PACB opened at $1.35 on Tuesday. The firm has a market cap of $421.17 million, a price-to-earnings ratio of -3.15 and a beta of 2.31. The company's 50-day moving average is $1.42 and its two-hundred day moving average is $1.44. Pacific Biosciences of California, Inc. has a 12-month low of $1.07 and a 12-month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.01). Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%.The firm had revenue of $39.01 million for the quarter, compared to analysts' expectations of $42.90 million. On average, equities research analysts forecast that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

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.

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