Softbank Group CORP. Purchases Shares of 20,451,570 Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Softbank Group CORP. acquired a new position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 20,451,570 shares of the biotechnology company's stock, valued at approximately $37,426,000. Pacific Biosciences of California accounts for 0.2% of Softbank Group CORP.'s holdings, making the stock its 15th biggest holding. Softbank Group CORP. owned 7.47% of Pacific Biosciences of California as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 7.9% during the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company's stock worth $65,961,000 after acquiring an additional 2,637,961 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in shares of Pacific Biosciences of California by 5.1% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company's stock valued at $39,064,000 after acquiring an additional 1,038,600 shares in the last quarter. Millennium Management LLC increased its stake in Pacific Biosciences of California by 66.9% during the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock worth $31,230,000 after acquiring an additional 6,840,953 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in Pacific Biosciences of California in the 4th quarter valued at $8,962,000. Finally, Northern Trust Corp grew its holdings in shares of Pacific Biosciences of California by 6.7% during the 4th quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company's stock worth $4,602,000 after purchasing an additional 157,145 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PACB shares. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, February 25th. Piper Sandler dropped their price objective on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Scotiabank cut their price target on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, March 25th. The Goldman Sachs Group reduced their price objective on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating on the stock in a research note on Tuesday, February 18th. Finally, Stephens reiterated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.34.

Pacific Biosciences of California Stock Down 3.7%

Shares of NASDAQ PACB traded down $0.04 during mid-day trading on Wednesday, reaching $0.98. 4,773,532 shares of the company's stock traded hands, compared to its average volume of 9,473,318. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. Pacific Biosciences of California, Inc. has a 1-year low of $0.95 and a 1-year high of $2.72. The stock has a market cap of $294.68 million, a P/E ratio of -0.60 and a beta of 2.19. The business has a 50-day simple moving average of $1.19 and a 200 day simple moving average of $1.58.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The company had revenue of $37.15 million during the quarter, compared to analyst estimates of $36.90 million. During the same period in the prior year, the company posted ($0.26) earnings per share. On average, analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

About Pacific Biosciences of California

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.