Jackson Square Partners LLC Has $3.92 Million 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 holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 35.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,320,361 shares of the biotechnology company's stock after selling 1,788,905 shares during the period. Jackson Square Partners LLC owned approximately 1.11% of Pacific Biosciences of California worth $3,918,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Softbank Group CORP. acquired a new position in Pacific Biosciences of California in the fourth quarter worth about $37,426,000. Millennium Management LLC boosted 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 valued at $31,230,000 after purchasing an additional 6,840,953 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $8,962,000. Barclays PLC raised its holdings in shares of Pacific Biosciences of California by 178.9% in the 4th quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock worth $3,038,000 after buying an additional 1,064,909 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Pacific Biosciences of California by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock worth $19,191,000 after buying an additional 1,036,606 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $3.00 price target on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. Barclays reduced their target price 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 reaffirmed an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Finally, Piper Sandler dropped their target price on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California has an average rating of "Hold" and a consensus price target of $2.06.

Pacific Biosciences of California Price Performance

Shares of PACB stock traded up $0.09 during trading hours on Friday, hitting $1.35. 10,428,064 shares of the company's stock were exchanged, compared to its average volume of 7,427,273. Pacific Biosciences of California, Inc. has a 52 week low of $0.85 and a 52 week high of $2.72. The stock has a market cap of $405.11 million, a price-to-earnings ratio of -0.59 and a beta of 2.17. The company has a debt-to-equity ratio of 7.05, a current ratio of 6.68 and a quick ratio of 5.87. The stock's 50-day moving average is $1.35 and its 200-day moving average is $1.32.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.05. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 52.99%. The business had revenue of $39.77 million for the quarter, compared to the consensus estimate of $36.35 million. As a group, research analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

About Pacific Biosciences of California

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.