Pacific Biosciences of California, Inc. $PACB Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its PACB stake by 35.4% in the first quarter, selling 1,361,500 shares and retaining 2,489,100 shares, or 0.8% of Pacific Biosciences.
• Analyst sentiment is bearish: PACB has an average “Reduce” rating, with one Buy, two Hold, and two Sell ratings, and an average price target of $1.83.
• Pacific Biosciences reported a quarterly loss of $0.14 per share, missing estimates by $0.01, while revenue of $39.01 million also fell short of the $42.90 million consensus forecast.

Renaissance Technologies LLC lowered its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 35.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,489,100 shares of the biotechnology company's stock after selling 1,361,500 shares during the quarter. Renaissance Technologies LLC owned 0.80% of Pacific Biosciences of California worth $3,286,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PACB. Zacks Investment Management acquired a new stake in Pacific Biosciences of California in the 3rd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth approximately $29,000. Outlook Wealth Advisors LLC bought a new stake in shares of Pacific Biosciences of California in the 4th quarter worth approximately $34,000. Finally, Cibc World Markets Corp acquired a new stake in Pacific Biosciences of California during the fourth quarter valued at approximately $34,000.

Analysts Set New Price Targets

PACB has been the subject of a number of research reports. Zacks Research cut shares of Pacific Biosciences of California from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Barclays increased their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an "underweight" rating in a research report on Monday, May 11th. Wall Street Zen lowered Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Pacific Biosciences of California in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $1.83.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.19 on Friday. The company has a 50-day moving average of $1.46 and a two-hundred day moving average of $1.55. The stock has a market cap of $368.06 million, a price-to-earnings ratio of -2.76 and a beta of 2.31. Pacific Biosciences of California, Inc. has a one year low of $1.09 and a one year high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 1,043.14%. The firm had revenue of $39.01 million during the quarter, compared to analysts' expectations of $42.90 million. Analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Pacific Biosciences of California Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company's proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.

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