Jackson Square Partners LLC Purchases 2,770,901 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Jackson Square Partners LLC grew its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 40.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 9,704,766 shares of the biotechnology company's stock after purchasing an additional 2,770,901 shares during the quarter. Pacific Biosciences of California accounts for 3.1% of Jackson Square Partners LLC's portfolio, making the stock its 12th largest position. Jackson Square Partners LLC owned about 3.63% of Pacific Biosciences of California worth $95,204,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PACB. ARK Investment Management LLC raised its holdings in shares of Pacific Biosciences of California by 15.7% in the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company's stock worth $338,487,000 after buying an additional 4,681,833 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Pacific Biosciences of California by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 23,274,760 shares of the biotechnology company's stock worth $194,344,000 after purchasing an additional 147,993 shares during the last quarter. FMR LLC boosted its position in shares of Pacific Biosciences of California by 23.9% in the 3rd quarter. FMR LLC now owns 4,622,920 shares of the biotechnology company's stock worth $38,601,000 after purchasing an additional 892,145 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Pacific Biosciences of California by 133.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,402,799 shares of the biotechnology company's stock worth $36,763,000 after purchasing an additional 2,514,656 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Pacific Biosciences of California by 2,201.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company's stock worth $29,838,000 after purchasing an additional 2,909,439 shares during the last quarter.

Analyst Ratings Changes

Several brokerages recently commented on PACB. Scotiabank dropped their price objective on Pacific Biosciences of California from $15.00 to $8.00 and set a "sector outperform" rating on the stock in a research note on Thursday, April 18th. Sanford C. Bernstein dropped their price objective on Pacific Biosciences of California from $9.00 to $2.50 and set an "outperform" rating on the stock in a research note on Thursday, April 18th. Piper Sandler dropped their price objective on Pacific Biosciences of California from $6.50 to $2.00 and set a "neutral" rating on the stock in a research note on Monday, May 13th. Morgan Stanley dropped their price target on Pacific Biosciences of California from $10.00 to $4.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Finally, StockNews.com raised Pacific Biosciences of California to a "sell" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $6.59.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock traded down $0.17 during midday trading on Friday, reaching $2.02. 8,137,826 shares of the company's stock were exchanged, compared to its average volume of 12,495,926. Pacific Biosciences of California, Inc. has a 52 week low of $1.25 and a 52 week high of $14.55. The company has a debt-to-equity ratio of 1.38, a quick ratio of 8.36 and a current ratio of 9.28. The firm has a market cap of $550.17 million, a price-to-earnings ratio of -1.77 and a beta of 1.99. The stock's 50-day simple moving average is $2.71 and its 200 day simple moving average is $5.76.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.26). Pacific Biosciences of California had a negative return on equity of 40.26% and a negative net margin of 148.13%. The company had revenue of $38.81 million during the quarter, compared to analysts' expectations of $38.78 million. On average, analysts expect that Pacific Biosciences of California, Inc. will post -0.94 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David W. Meline acquired 40,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares in the company, valued at $176,000. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.90% of the stock is owned by company insiders.

Pacific Biosciences of California 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.