Vestmark Advisory Solutions Inc. Sells 215,632 Shares of 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. lessened its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 24.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 681,426 shares of the biotechnology company's stock after selling 215,632 shares during the quarter. Vestmark Advisory Solutions Inc. owned about 0.23% of Pacific Biosciences of California worth $804,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PACB. Wells Fargo & Company MN raised its stake in Pacific Biosciences of California by 26.3% in the fourth quarter. Wells Fargo & Company MN now owns 163,154 shares of the biotechnology company's stock valued at $299,000 after purchasing an additional 33,933 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at $253,000. Barclays PLC lifted its holdings in shares of Pacific Biosciences of California by 178.9% during the 4th quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock worth $3,038,000 after acquiring an additional 1,064,909 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Pacific Biosciences of California during the 4th quarter worth $42,000. Finally, MetLife Investment Management LLC grew its position in Pacific Biosciences of California by 21.0% in the fourth quarter. MetLife Investment Management LLC now owns 145,379 shares of the biotechnology company's stock worth $266,000 after acquiring an additional 25,216 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Piper Sandler raised their price target on Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research report on Monday, August 11th. Barclays decreased their price objective on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a report on Wednesday, June 25th. Stephens restated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Pacific Biosciences of California has an average rating of "Hold" and a consensus target price of $1.90.

Pacific Biosciences of California Trading Up 9.5%

PACB stock traded up $0.12 during trading on Friday, hitting $1.38. 7,231,204 shares of the company traded hands, compared to its average volume of 8,065,806. The company has a 50-day moving average of $1.39 and a 200-day moving average of $1.30. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. Pacific Biosciences of California, Inc. has a 1 year low of $0.85 and a 1 year high of $2.72. The firm 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 announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The firm had revenue of $39.77 million during the quarter, compared to the consensus estimate of $36.35 million. Analysts predict that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal 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.