Sumitomo Mitsui Trust Group Inc. Lowers Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Sumitomo Mitsui Trust Group Inc. lessened its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 6.0% in the first 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. Sumitomo Mitsui Trust Group Inc. owned approximately 3.21% of Pacific Biosciences of California worth $11,287,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PACB. Sandbox Financial Partners LLC purchased a new stake in shares of Pacific Biosciences of California in the 1st quarter worth about $32,000. First Trust Advisors LP purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $42,000. Boothbay Fund Management LLC purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $43,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $44,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $47,000.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PACB. Scotiabank reduced their price objective on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a research report on Tuesday, March 25th. Barclays reduced their price objective on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a research report on Wednesday, June 25th. Piper Sandler reduced their price objective on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Canaccord Genuity Group reissued a "buy" rating and issued a $3.00 target price on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Finally, Stephens reissued an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pacific Biosciences of California has an average rating of "Hold" and an average price target of $2.06.

Pacific Biosciences of California Stock Performance

Shares of PACB stock traded up $0.09 on Friday, reaching $1.58. The stock had a trading volume of 13,771,486 shares, compared to its average volume of 9,856,105. The stock has a market cap of $474.13 million, a P/E ratio of -0.57 and a beta of 2.16. 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 debt-to-equity ratio of 7.05, a quick ratio of 5.87 and a current ratio of 6.68. The company has a 50 day simple moving average of $1.15 and a 200 day simple moving average of $1.39.

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

Pacific Biosciences of California Company 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.