Hhlr Advisors LTD. Acquires Shares of 918,892 Pacific Biosciences of California, Inc. $PACB

Key Points

• Hhlr Advisors acquired 918,892 PACB shares during the second quarter, worth approximately $1.54 million and representing about 0.30% of Pacific Biosciences of California.
• Several other institutional investors also initiated positions, while insider Oene Mark Van sold 26,911 shares for about $30,409 to cover tax withholding obligations.
• Pacific Biosciences reported weaker-than-expected quarterly results, with revenue of $39.01 million and an adjusted loss of $0.14 per share. Analysts maintain an overall “Reduce” rating, with an average price target of $1.83.

Hhlr Advisors LTD. acquired a new stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 918,892 shares of the biotechnology company's stock, valued at approximately $1,544,000. Pacific Biosciences of California accounts for approximately 0.2% of Hhlr Advisors LTD.'s investment portfolio, making the stock its 28th largest holding. Hhlr Advisors LTD. owned approximately 0.30% of Pacific Biosciences of California as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Man Group plc bought a new stake in Pacific Biosciences of California in the second quarter valued at $1,004,000. Hsbc Holdings PLC bought a new position in shares of Pacific Biosciences of California during the second quarter valued at $463,000. Canada Pension Plan Investment Board bought a new position in shares of Pacific Biosciences of California during the second quarter valued at $56,000. Legal & General Group Plc acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at $46,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at $127,000.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Oene Mark Van sold 26,911 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1.13, for a total transaction of $30,409.43. Following the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is currently owned by corporate insiders.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $1.56 on Thursday. The business's fifty day moving average is $1.41 and its two-hundred day moving average is $1.45. The firm has a market cap of $484.89 million, a P/E ratio of -3.63 and a beta of 2.31. Pacific Biosciences of California, Inc. has a 52 week low of $1.07 and a 52 week high of $2.73.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PACB shares. Wall Street Zen cut shares of Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Finally, Barclays upped their price objective on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an "underweight" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $1.83.

Pacific Biosciences of California Profile

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.

Want to see what other hedge funds are holding PACB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source