Pacific Biosciences of California, Inc. $PACB Stock Position Raised by Invesco Ltd.

Key Points

• Invesco Ltd. raised its stake in Pacific Biosciences of California by 100.6%, acquiring an additional 263,067 shares, totaling 524,643 shares valued at $619,000.
• Pacific Biosciences reported a quarterly EPS of -$0.13, surpassing analyst expectations of -$0.18, with revenues of $39.77 million exceeding estimates of $36.35 million.
• Several hedge funds, including ARK Investment and Millennium Management, have increased their holdings in Pacific Biosciences, indicating growing interest in the stock despite a recent decline in its shares.

Invesco Ltd. increased its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 100.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 524,643 shares of the biotechnology company's stock after purchasing an additional 263,067 shares during the quarter. Invesco Ltd. owned about 0.17% of Pacific Biosciences of California worth $619,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PACB. ARK Investment Management LLC raised its stake in shares of Pacific Biosciences of California by 1.2% in the 1st quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company's stock worth $43,045,000 after buying an additional 434,079 shares in the last quarter. Softbank Group CORP. acquired a new position in Pacific Biosciences of California during the fourth quarter worth about $37,426,000. Millennium Management LLC grew its holdings 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 acquiring an additional 6,840,953 shares during the period. Vanguard Group Inc. raised its position in Pacific Biosciences of California by 6.8% in the first quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock worth $19,191,000 after acquiring an additional 1,036,606 shares in the last quarter. Finally, Koss Olinger Consulting LLC lifted its holdings in Pacific Biosciences of California by 50.0% in the 1st quarter. Koss Olinger Consulting LLC now owns 3,000,000 shares of the biotechnology company's stock valued at $3,540,000 after acquiring an additional 1,000,000 shares during the last quarter.

Pacific Biosciences of California Stock Down 6.9%

Shares of PACB stock traded down $0.09 during trading on Wednesday, hitting $1.22. 6,646,035 shares of the company were exchanged, compared to its average volume of 5,608,189. The business's 50-day simple moving average is $1.39 and its 200 day simple moving average is $1.27. Pacific Biosciences of California, Inc. has a twelve month low of $0.85 and a twelve month high of $2.72. The firm has a market capitalization of $366.45 million, a price-to-earnings ratio of -0.53 and a beta of 1.87. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.05. The company had revenue of $39.77 million during the quarter, compared to the consensus estimate of $36.35 million. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. As a group, analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of 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. Stephens restated an "overweight" rating and set a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Piper Sandler lifted their price target on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Finally, Wall Street Zen raised Pacific Biosciences of California from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $1.90.

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.