Pacific Biosciences of California, Inc. $PACB Stake Increased 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 holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 100.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 524,643 shares of the biotechnology company's stock after buying 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 reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new position in Pacific Biosciences of California in the 1st quarter worth approximately $43,000. Softbank Group CORP. bought a new position in Pacific Biosciences of California in the 4th quarter worth approximately $37,426,000. First Trust Advisors LP bought a new position in Pacific Biosciences of California in the 4th quarter worth approximately $42,000. Toronto Dominion Bank bought a new position in Pacific Biosciences of California in the 4th quarter worth approximately $1,556,000. Finally, Federated Hermes Inc. grew its holdings in Pacific Biosciences of California by 3.8% in the 1st quarter. Federated Hermes Inc. now owns 465,258 shares of the biotechnology company's stock worth $549,000 after buying an additional 16,960 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PACB shares. Barclays decreased their price target on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a research note on Wednesday, June 25th. Piper Sandler increased their price target on Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research note on Monday, August 11th. Stephens reaffirmed an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Finally, Wall Street Zen raised Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research note 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. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $1.90.

Pacific Biosciences of California Trading Up 2.4%

Shares of NASDAQ PACB traded up $0.03 during mid-day trading on Friday, hitting $1.27. 3,789,096 shares of the company traded hands, compared to its average volume of 6,582,389. Pacific Biosciences of California, Inc. has a 1 year low of $0.85 and a 1 year high of $2.72. The stock has a market capitalization of $381.47 million, a price-to-earnings ratio of -0.55 and a beta of 1.87. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51. The business has a 50 day moving average of $1.39 and a two-hundred day moving average of $1.28.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The business had revenue of $39.77 million during the quarter, compared to the consensus estimate of $36.35 million. On average, 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.