Sumitomo Mitsui Trust Group Inc. Has $9.29 Million Stock Holdings in Pacific Biosciences of California, Inc. $PACB

Key Points

• Sumitomo Mitsui Trust Group reduced its stake in Pacific Biosciences of California by 9.9% in the first quarter, but still held 7,037,987 shares worth about $9.29 million.
• PacBio’s latest quarterly results showed a smaller-than-expected loss, posting EPS of -$0.12 versus estimates for -$0.17, though revenue of $37.18 million came in below forecasts.
• Wall Street sentiment remains cautious: analysts currently rate PACB an average "Reduce", with a consensus price target of $1.83.

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,037,987 shares of the biotechnology company's stock after selling 770,593 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 2.27% of Pacific Biosciences of California worth $9,290,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PACB. ARK Investment Management LLC grew its stake in Pacific Biosciences of California by 20.5% in the fourth quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company's stock valued at $69,684,000 after purchasing an additional 6,340,125 shares in the last quarter. Millennium Management LLC raised its stake in shares of Pacific Biosciences of California by 500.9% during the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company's stock worth $6,293,000 after purchasing an additional 4,098,555 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Pacific Biosciences of California during the 4th quarter worth about $7,201,000. Casdin Capital LLC lifted its holdings in shares of Pacific Biosciences of California by 483.6% during the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company's stock valued at $7,898,000 after buying an additional 3,500,000 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of Pacific Biosciences of California by 111.8% during the 4th quarter. UBS Group AG now owns 3,171,546 shares of the biotechnology company's stock valued at $5,931,000 after buying an additional 1,674,320 shares during the last quarter.

Pacific Biosciences of California Stock Performance

PACB opened at $1.50 on Wednesday. The company has a market cap of $465.90 million, a PE ratio of -3.49 and a beta of 2.29. The stock has a 50-day moving average of $1.44 and a 200-day moving average of $1.63. Pacific Biosciences of California, Inc. has a 52-week low of $1.09 and a 52-week high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.05. The business had revenue of $37.18 million for the quarter, compared to analyst estimates of $39.94 million. Pacific Biosciences of California had a negative return on equity of 571.06% and a negative net margin of 80.35%. On average, research analysts predict that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on PACB. Barclays increased their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an "underweight" rating in a report on Monday, May 11th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Pacific Biosciences of California in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded shares of Pacific Biosciences of California from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Pacific Biosciences of California has an average rating of "Reduce" and an average target price of $1.83.

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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