Jackson Square Partners LLC Cuts Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Key Points

• Jackson Square Partners LLC has reduced its stake in Pacific Biosciences of California, Inc. by 35%, selling 1,788,905 shares and leaving it with 3,320,361 shares, valued at approximately $3.91 million.
• Pacific Biosciences reported a loss of ($0.15) earnings per share for the last quarter, which exceeded analysts' expectations, and had revenue of $37.15 million, slightly above the forecast.
• Research analysts remain mixed on the stock, with price targets ranging from $1.25 to $3.00, reflecting differing views on its future performance; the consensus rating is "Hold".

Jackson Square Partners LLC trimmed its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 35.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,320,361 shares of the biotechnology company's stock after selling 1,788,905 shares during the quarter. Jackson Square Partners LLC owned 1.11% of Pacific Biosciences of California worth $3,918,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PACB. Vanguard Group Inc. raised its holdings in shares of Pacific Biosciences of California by 6.8% during the first quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock valued at $19,191,000 after purchasing an additional 1,036,606 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Pacific Biosciences of California by 94.6% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 318,170 shares of the biotechnology company's stock worth $375,000 after acquiring an additional 154,688 shares during the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of Pacific Biosciences of California in the 1st quarter worth about $73,000. XTX Topco Ltd acquired a new stake in shares of Pacific Biosciences of California in the 1st quarter worth about $576,000. Finally, Federated Hermes Inc. raised its holdings in shares of 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 acquiring an additional 16,960 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PACB. Stephens restated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Barclays reduced 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 research report on Wednesday, June 25th. Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Piper Sandler upped their price objective 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. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California presently has an average rating of "Hold" and a consensus price target of $1.91.

Pacific Biosciences of California Stock Down 5.6%

Shares of NASDAQ PACB traded down $0.08 during midday trading on Monday, hitting $1.28. The stock had a trading volume of 4,086,357 shares, compared to its average volume of 9,816,602. The business's 50 day moving average is $1.35 and its 200-day moving average is $1.32. The company has a market cap of $382.61 million, a P/E ratio of -0.56 and a beta of 2.17. Pacific Biosciences of California, Inc. has a 52 week low of $0.85 and a 52 week high of $2.72. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.05. The business had revenue of $39.77 million for 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 predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Pacific Biosciences of California 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.