ARK Investment Management LLC Has $43.05 Million Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Key Points

• ARK Investment Management LLC increased its stake in Pacific Biosciences, acquiring an additional 434,079 shares to bring its total holdings to 36,478,441 shares, valued at approximately $43.05 million.
• Pacific Biosciences reported a quarterly earnings per share of ($0.15), exceeding estimates, with revenue of $37.15 million, compared to a consensus estimate of $36.90 million.
• Analyst ratings for Pacific Biosciences show a consensus rating of "Hold", with price targets ranging from $1.25 to $3.00 by various research firms.

ARK Investment Management LLC lifted its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,478,441 shares of the biotechnology company's stock after buying an additional 434,079 shares during the quarter. ARK Investment Management LLC owned 12.16% of Pacific Biosciences of California worth $43,045,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Sandbox Financial Partners LLC purchased a new stake in shares of Pacific Biosciences of California in the first quarter valued at $32,000. Hartline Investment Corp purchased a new stake in shares of Pacific Biosciences of California in the first quarter worth about $37,000. First Trust Advisors LP purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter worth about $42,000. Boothbay Fund Management LLC purchased a new position in Pacific Biosciences of California in the fourth quarter valued at about $43,000. Finally, Teacher Retirement System of Texas purchased a new position in Pacific Biosciences of California in the first quarter valued at about $43,000.

Analysts Set New Price Targets

PACB has been the topic of a number of research reports. Canaccord Genuity Group reiterated a "buy" rating and set a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, April 10th. Piper Sandler lowered their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Stephens restated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Finally, Barclays lowered their target price on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.06.

Pacific Biosciences of California Price Performance

Shares of PACB stock traded up $0.02 during mid-day trading on Wednesday, hitting $1.56. 2,652,199 shares of the stock traded hands, compared to its average volume of 9,965,918. Pacific Biosciences of California, Inc. has a twelve month low of $0.85 and a twelve month high of $2.72. The firm has a market cap of $466.62 million, a price-to-earnings ratio of -0.56 and a beta of 2.16. The company's 50-day simple moving average is $1.29 and its 200-day simple moving average is $1.34. The company has a debt-to-equity ratio of 7.05, a quick ratio of 5.87 and a current ratio of 6.68.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 52.07% and a negative net margin of 430.93%. The company had revenue of $37.15 million for the quarter, compared to analysts' expectations of $36.90 million. During the same period last year, the firm earned ($0.26) EPS. As a group, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share 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.