Millennium Management LLC Has $31.23 Million Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Millennium Management LLC grew its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 66.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 17,065,331 shares of the biotechnology company's stock after acquiring an additional 6,840,953 shares during the period. Millennium Management LLC owned about 6.23% of Pacific Biosciences of California worth $31,230,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. ARK Investment Management LLC lifted its position in shares of Pacific Biosciences of California by 7.9% during the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company's stock valued at $65,961,000 after acquiring an additional 2,637,961 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in shares of Pacific Biosciences of California by 5.1% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company's stock valued at $39,064,000 after acquiring an additional 1,038,600 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $8,962,000. Northern Trust Corp lifted its holdings in shares of Pacific Biosciences of California by 6.7% in the fourth quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company's stock valued at $4,602,000 after purchasing an additional 157,145 shares in the last quarter. Finally, Soros Fund Management LLC lifted its holdings in shares of Pacific Biosciences of California by 13.1% in the fourth quarter. Soros Fund Management LLC now owns 2,372,265 shares of the biotechnology company's stock valued at $4,341,000 after purchasing an additional 274,265 shares in the last quarter.

Pacific Biosciences of California Stock Down 2.1%

Shares of NASDAQ:PACB traded down $0.02 during midday trading on Friday, hitting $0.92. 7,372,876 shares of the stock were exchanged, compared to its average volume of 9,484,572. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. Pacific Biosciences of California, Inc. has a 52-week low of $0.91 and a 52-week high of $2.72. The business's fifty day simple moving average is $1.18 and its two-hundred day simple moving average is $1.55. The company has a market capitalization of $276.62 million, a PE ratio of -0.56 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The business had revenue of $37.15 million during the quarter, compared to analyst estimates of $36.90 million. During the same period last year, the company earned ($0.26) earnings per share. As a group, research analysts predict that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Canaccord Genuity Group restated a "buy" rating and issued a $3.00 target price on shares of Pacific Biosciences of California in a report on Thursday, April 10th. The Goldman Sachs Group reduced their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating for the company in a report on Tuesday, February 18th. Scotiabank reduced their target price on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a report on Tuesday, March 25th. 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. Finally, Wall Street Zen upgraded Pacific Biosciences of California to a "sell" rating in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.34.

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.