Pacific Biosciences of California, Inc. (NASDAQ:PACB) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Pacific Biosciences by 6% during the first quarter, leaving it with approximately 9.57 million shares valued at $11.19 million.
• Pacific Biosciences reported a first-quarter EPS of -$0.15, exceeding analyst expectations, with revenue of $37.15 million, also surpassing estimates.
• Analysts have mixed sentiments on the company's stock, with a range of price targets set from $1.25 to $3.00 and an overall average rating of "Hold."

Nikko Asset Management Americas Inc. lessened its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,565,331 shares of the biotechnology company's stock after selling 613,170 shares during the quarter. Nikko Asset Management Americas Inc. owned 3.19% of Pacific Biosciences of California worth $11,191,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PACB. Raymond James Financial Inc. acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at about $253,000. Cibc World Markets Corp acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at about $47,000. KLP Kapitalforvaltning AS acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at about $75,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in Pacific Biosciences of California by 142.7% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 163,482 shares of the biotechnology company's stock worth $299,000 after purchasing an additional 96,118 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its holdings in Pacific Biosciences of California by 5.1% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company's stock worth $39,064,000 after purchasing an additional 1,038,600 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PACB shares. Stephens reaffirmed an "overweight" rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $3.00 price target on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Piper Sandler reduced their price target on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a report on Thursday, May 15th. Finally, Barclays reduced 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 report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Pacific Biosciences of California currently has a consensus rating of "Hold" and a consensus target price of $2.06.

Pacific Biosciences of California Trading Up 1.0%

PACB stock traded up $0.02 during midday trading on Wednesday, hitting $1.56. 2,469,897 shares of the company's stock were exchanged, compared to its average volume of 9,965,354. Pacific Biosciences of California, Inc. has a 1-year low of $0.85 and a 1-year high of $2.72. The company has a current ratio of 6.68, a quick ratio of 5.87 and a debt-to-equity ratio of 7.05. The stock has a market capitalization of $466.62 million, a PE ratio of -0.56 and a beta of 2.16. The business has a 50-day simple moving average of $1.29 and a two-hundred day simple moving average of $1.34.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $37.15 million for the quarter, compared to analyst estimates of $36.90 million. Pacific Biosciences of California had a negative net margin of 430.93% and a negative return on equity of 52.07%. During the same period in the previous year, the firm earned ($0.26) EPS. On average, sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal 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.