Vestmark Advisory Solutions Inc. Lowers Holdings in Pacific Biosciences of California, Inc. $PACB

Key Points

• Vestmark Advisory Solutions Inc. reduced its stake in Pacific Biosciences of California by 24%, selling 215,632 shares and owning approximately 681,426 shares worth $804,000.
• Several hedge funds have also initiated new positions in Pacific Biosciences, with notable acquisitions including Sandbox Financial Partners LLC purchasing shares valued at approximately $32,000.
• Pacific Biosciences recently reported earnings of ($0.13) per share for the quarter, exceeding consensus estimates, and had revenue of $39.77 million compared to analyst expectations of $36.35 million.

Vestmark Advisory Solutions Inc. trimmed its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 24.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 681,426 shares of the biotechnology company's stock after selling 215,632 shares during the period. Vestmark Advisory Solutions Inc. owned about 0.23% of Pacific Biosciences of California worth $804,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Hsbc Holdings PLC increased its stake in shares of Pacific Biosciences of California by 10.3% during the fourth 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 period. AdvisorNet Financial Inc increased its stake in shares of 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 buying an additional 11,895 shares during the period. Stifel Financial Corp increased its stake in shares of 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 buying an additional 16,843 shares during the period. Federated Hermes Inc. increased its stake in shares of Pacific Biosciences of California by 3.8% during the first quarter. Federated Hermes Inc. now owns 465,258 shares of the biotechnology company's stock worth $549,000 after buying an additional 16,960 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Pacific Biosciences of California by 4.8% during the first quarter. Rhumbline Advisers now owns 438,775 shares of the biotechnology company's stock worth $518,000 after buying an additional 20,153 shares during the period.

Pacific Biosciences of California Stock Performance

Shares of PACB traded up $0.12 during mid-day trading on Friday, reaching $1.38. 7,231,204 shares of the company's stock were exchanged, compared to its average volume of 8,065,806. The business's fifty day simple moving average is $1.39 and its 200-day simple moving average is $1.30. Pacific Biosciences of California, Inc. has a 52-week low of $0.85 and a 52-week high of $2.72. The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02. The stock has a market capitalization of $414.51 million, a PE ratio of -0.60 and a beta of 2.17.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.05. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The firm had revenue of $39.77 million for the quarter, compared to analyst estimates of $36.35 million. On average, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays cut their target price on shares of 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. Piper Sandler increased their price target on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research note on Monday, August 11th. Wall Street Zen upgraded shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Stephens reiterated an "overweight" rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Pacific Biosciences of California currently has a consensus rating of "Hold" and an average price target of $1.90.

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.