Mirae Asset Global Investments Co. Ltd. Sells 507,572 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Mirae Asset Global Investments Co. Ltd. decreased its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 35.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 926,988 shares of the biotechnology company's stock after selling 507,572 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.35% of Pacific Biosciences of California worth $9,094,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PACB. Fairfield Bush & CO. bought a new position in Pacific Biosciences of California in the 2nd quarter worth about $27,000. Comerica Bank bought a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $46,000. Captrust Financial Advisors increased its position in Pacific Biosciences of California by 217.2% in the 2nd quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company's stock valued at $27,000 after acquiring an additional 4,220 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Pacific Biosciences of California in the 3rd quarter valued at approximately $59,000. Finally, SVB Financial Group bought a new stake in Pacific Biosciences of California during the 4th quarter valued at $84,000.

Pacific Biosciences of California Price Performance

Pacific Biosciences of California stock traded down $0.21 during mid-day trading on Friday, hitting $3.17. The company's stock had a trading volume of 8,707,109 shares, compared to its average volume of 6,174,190. The stock has a market capitalization of $849.40 million, a P/E ratio of -2.62 and a beta of 1.83. Pacific Biosciences of California, Inc. has a twelve month low of $3.13 and a twelve month high of $14.55. The stock's fifty day moving average price is $4.63 and its two-hundred day moving average price is $6.82. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.02. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The business had revenue of $58.36 million for the quarter, compared to analysts' expectations of $57.96 million. During the same period in the previous year, the firm posted ($0.35) EPS. The company's quarterly revenue was up 113.3% on a year-over-year basis. Research analysts forecast that Pacific Biosciences of California, Inc. will post -1.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PACB shares. StockNews.com raised Pacific Biosciences of California to a "sell" rating in a research note on Wednesday, March 20th. The Goldman Sachs Group decreased their target price on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday. Barclays dropped their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Finally, UBS Group decreased their price objective on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a "buy" rating for the company in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $9.78.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company's stock, valued at $5,224,601.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pacific Biosciences of California news, Director David W. Meline bought 40,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the purchase, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Oene Mark Van sold 33,560 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company's stock, valued at $5,224,601.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,359 shares of company stock valued at $218,843. 1.90% of the stock is owned by corporate insiders.

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.