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

Sumitomo Mitsui Trust Group Inc. reduced its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 6.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Several other large investors have also bought and sold shares of PACB. Hsbc Holdings PLC boosted its stake in shares of Pacific Biosciences of California by 10.3% in the 4th quarter. Hsbc Holdings PLC now owns 86,809 shares of the biotechnology company's stock worth $154,000 after buying an additional 8,106 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in Pacific Biosciences of California by 18.4% during the first quarter. AdvisorNet Financial Inc now owns 76,664 shares of the biotechnology company's stock worth $90,000 after acquiring an additional 11,895 shares during the period. Stifel Financial Corp lifted its holdings in Pacific Biosciences of California by 33.2% during the fourth quarter. Stifel Financial Corp now owns 67,531 shares of the biotechnology company's stock worth $124,000 after acquiring an additional 16,843 shares during the period. Rhumbline Advisers boosted its position in Pacific Biosciences of California by 4.8% in the first quarter. Rhumbline Advisers now owns 438,775 shares of the biotechnology company's stock worth $518,000 after purchasing an additional 20,153 shares during the last quarter. Finally, Wealthfront Advisers LLC grew its stake in Pacific Biosciences of California by 50.8% in the 4th quarter. Wealthfront Advisers LLC now owns 62,648 shares of the biotechnology company's stock valued at $115,000 after purchasing an additional 21,092 shares during the period.

Pacific Biosciences of California Stock Performance

Shares of NASDAQ:PACB traded up $0.09 during midday trading on Friday, reaching $1.58. 13,771,486 shares of the company traded hands, compared to its average volume of 9,856,105. Pacific Biosciences of California, Inc. has a 12 month low of $0.85 and a 12 month high of $2.72. The firm's fifty day moving average price is $1.15 and its two-hundred day moving average price is $1.39. The company has a quick ratio of 5.87, a current ratio of 6.68 and a debt-to-equity ratio of 7.05. The firm has a market capitalization of $474.13 million, a price-to-earnings ratio of -0.57 and a beta of 2.16.

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 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 firm had revenue of $37.15 million for the quarter, compared to analysts' expectations of $36.90 million. During the same quarter last year, the firm posted ($0.26) EPS. On average, equities analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PACB has been the topic of a number of recent analyst reports. 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 note on Wednesday, June 25th. Scotiabank lowered their price objective on shares of Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, March 25th. Piper Sandler reduced their target price on shares of 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. Stephens restated an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $3.00 target price on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $2.06.

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.