Nikko Asset Management Americas Inc. Lowers Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Nikko Asset Management Americas Inc. reduced its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 14.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,178,501 shares of the biotechnology company’s stock after selling 1,687,265 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Pacific Biosciences of California were worth $18,423,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. ARK Investment Management LLC lifted its stake in Pacific Biosciences of California by 7.9% in the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock valued at $65,961,000 after buying an additional 2,637,961 shares in the last quarter. Geode Capital Management LLC lifted its stake in Pacific Biosciences of California by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock valued at $10,759,000 after buying an additional 225,034 shares in the last quarter. State Street Corp lifted its stake in Pacific Biosciences of California by 5.7% in the 3rd quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock valued at $10,669,000 after buying an additional 340,766 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Pacific Biosciences of California by 6.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,176,252 shares of the biotechnology company’s stock valued at $3,983,000 after buying an additional 135,949 shares in the last quarter. Finally, Soros Fund Management LLC lifted its stake in Pacific Biosciences of California by 23.6% in the 3rd quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after buying an additional 400,000 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stephens reaffirmed an “overweight” rating and issued a $2.50 price target on shares of Pacific Biosciences of California in a research note on Friday, February 14th. Piper Sandler reaffirmed a “neutral” rating and issued a $2.00 price target (down from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. The Goldman Sachs Group cut their price objective on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California presently has an average rating of “Hold” and an average price target of $2.79.

Insider Activity at Pacific Biosciences of California

In related news, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total value 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 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. Also, insider Oene Mark Van sold 34,405 shares of Pacific Biosciences of California stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the sale, the insider now owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Pacific Biosciences of California Stock Up 1.7 %

Pacific Biosciences of California stock opened at $1.22 on Monday. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.16 and a fifty-two week high of $4.10. 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 has a 50 day moving average price of $1.60 and a 200 day moving average price of $1.78. The company has a market capitalization of $334.11 million, a PE ratio of -0.74 and a beta of 1.86.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. The firm had revenue of $39.22 million during the quarter, compared to the consensus estimate of $39.20 million. During the same quarter last year, the firm earned ($0.27) EPS. Research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

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.