Pacific Biosciences of California, Inc. (NASDAQ:PACB) Stake Lessened by Oracle Investment Management Inc.

Oracle Investment Management Inc. lessened its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 61.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 279,638 shares of the biotechnology company's stock after selling 448,239 shares during the quarter. Pacific Biosciences of California makes up approximately 0.3% of Oracle Investment Management Inc.'s holdings, making the stock its 13th largest holding. Oracle Investment Management Inc. owned 0.10% of Pacific Biosciences of California worth $512,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV acquired a new position in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $44,000. Soros Fund Management LLC raised its holdings in Pacific Biosciences of California by 13.1% in the 4th quarter. Soros Fund Management LLC now owns 2,372,265 shares of the biotechnology company's stock valued at $4,341,000 after acquiring an additional 274,265 shares during the last quarter. Northern Trust Corp raised its holdings in Pacific Biosciences of California by 6.7% in the 4th quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company's stock valued at $4,602,000 after acquiring an additional 157,145 shares during the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of Pacific Biosciences of California during the fourth quarter worth $43,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $353,000.

Pacific Biosciences of California Stock Up 1.8 %

Shares of NASDAQ:PACB traded up $0.02 during midday trading on Friday, hitting $1.13. 5,908,510 shares of the company's stock traded hands, compared to its average volume of 9,697,027. Pacific Biosciences of California, Inc. has a twelve month low of $1.06 and a twelve month high of $2.72. The company has a market cap of $339.05 million, a PE ratio of -0.69 and a beta of 2.04. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The firm's fifty day moving average price is $1.26 and its two-hundred day moving average price is $1.66.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $39.22 million during the quarter, compared to the consensus estimate of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. During the same quarter in the prior year, the business earned ($0.27) earnings per share. On average, equities research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analysts Set New Price Targets

PACB has been the topic of several recent analyst reports. Piper Sandler reiterated a "neutral" rating and set a $2.00 target price (down from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th. The Goldman Sachs Group decreased their target price on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating on the stock in a research report on Tuesday, February 18th. Scotiabank dropped their price target on shares of Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a research report on Tuesday, March 25th. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, February 25th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $3.00 price objective on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $2.45.

Insider Activity

In related news, insider Michele Farmer sold 24,349 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the sale, the insider now directly owns 187,592 shares of the company's stock, valued at approximately $352,672.96. This trade represents a 11.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.40% of the company's stock.

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.