Koss Olinger Consulting LLC Buys 1,000,000 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Key Points

• Koss Olinger Consulting LLC increased its holdings in Pacific Biosciences by 50%, owning 3 million shares valued at approximately $3.54 million.
• Multiple hedge funds have made new investments in Pacific Biosciences, with new positions valued between $32,000 and $44,000 acquired in the fourth quarter of last year.
• Analysts currently have a consensus rating of "Hold" for Pacific Biosciences, with a target price averaging $1.88, following adjustments from various firms like Barclays and Piper Sandler.

Koss Olinger Consulting LLC lifted its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 50.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,000,000 shares of the biotechnology company's stock after acquiring an additional 1,000,000 shares during the period. Koss Olinger Consulting LLC owned approximately 1.00% of Pacific Biosciences of California worth $3,540,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Softbank Group CORP. acquired a new stake in shares of Pacific Biosciences of California in the 4th quarter worth $37,426,000. Millennium Management LLC increased its position in shares of Pacific Biosciences of California by 66.9% during the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock worth $31,230,000 after purchasing an additional 6,840,953 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter worth about $8,962,000. Barclays PLC boosted its holdings in Pacific Biosciences of California by 178.9% during the 4th quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock valued at $3,038,000 after acquiring an additional 1,064,909 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Pacific Biosciences of California by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock valued at $19,191,000 after acquiring an additional 1,036,606 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wall Street Zen upgraded Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research note on Saturday. Stephens reaffirmed an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Piper Sandler upped their price target on Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a "neutral" rating in a research note on Monday. Finally, Barclays cut 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. Six 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.com, the company has an average rating of "Hold" and a consensus target price of $1.91.

Pacific Biosciences of California Trading Down 6.7%

Shares of Pacific Biosciences of California stock traded down $0.09 during trading on Monday, hitting $1.26. The stock had a trading volume of 8,579,977 shares, compared to its average volume of 7,731,583. The stock has a 50 day simple moving average of $1.36 and a 200 day simple moving average of $1.31. The company has a market capitalization of $378.47 million, a PE ratio of -0.55 and a beta of 2.17. 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, Inc. has a 1 year low of $0.85 and a 1 year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $39.77 million during the quarter, compared to analyst estimates of $36.35 million. On average, research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal 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.