Soros Fund Management LLC Increases Stock Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Soros Fund Management LLC lifted its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) by 13.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,372,265 shares of the biotechnology company's stock after buying an additional 274,265 shares during the quarter. Soros Fund Management LLC owned about 0.87% of Pacific Biosciences of California worth $4,341,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Northern Trust Corp increased its holdings in shares of 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 worth $4,602,000 after buying an additional 157,145 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in Pacific Biosciences of California during the 4th quarter valued at $43,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Pacific Biosciences of California during the fourth quarter valued at about $353,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Pacific Biosciences of California during the 4th quarter worth approximately $8,962,000. Finally, Hsbc Holdings PLC grew its stake in shares of Pacific Biosciences of California by 10.3% in the 4th quarter. Hsbc Holdings PLC now owns 86,809 shares of the biotechnology company's stock worth $154,000 after buying an additional 8,106 shares during the last quarter.

Analyst Ratings Changes

PACB has been the topic of several recent analyst reports. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, February 25th. Piper Sandler reissued a "neutral" rating and issued a $2.00 price objective (down from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. Canaccord Genuity Group reiterated a "buy" rating and set a $3.00 price target on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Scotiabank lowered their target price 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 note on Tuesday, March 25th. Finally, The Goldman Sachs Group reduced their price target 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. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.45.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.13 on Tuesday. 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 company has a 50 day moving average price of $1.30 and a 200-day moving average price of $1.68. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.07 and a fifty-two week high of $2.72. The stock has a market capitalization of $336.57 million, a PE ratio of -0.69 and a beta of 2.04.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). The company had revenue of $39.22 million during the quarter, compared to analyst estimates 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. Equities analysts predict that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In other news, insider Michele Farmer sold 24,349 shares of the stock in a transaction on Tuesday, February 18th. The stock was 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 owns 187,592 shares in the company, valued at approximately $352,672.96. This represents a 11.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is currently 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.

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