American International Group Inc. increased its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 7.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 47,080 shares of the biotechnology company’s stock after buying an additional 3,258 shares during the period. American International Group Inc. owned 0.05% of Pacific Biosciences of California worth $243,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new stake in Pacific Biosciences of California during the fourth quarter valued at approximately $1,556,000. Wells Fargo & Company MN boosted its stake in Pacific Biosciences of California by 65.6% in the first quarter. Wells Fargo & Company MN now owns 220,446 shares of the biotechnology company’s stock valued at $1,140,000 after buying an additional 87,308 shares during the period. Essex Investment Management Co. LLC boosted its stake in Pacific Biosciences of California by 101.5% in the first quarter. Essex Investment Management Co. LLC now owns 150,518 shares of the biotechnology company’s stock valued at $778,000 after buying an additional 75,837 shares during the period. Acadian Asset Management LLC acquired a new stake in Pacific Biosciences of California during the first quarter valued at about $368,000. Finally, State Street Corp boosted its stake in Pacific Biosciences of California by 5.2% in the fourth quarter. State Street Corp now owns 1,386,134 shares of the biotechnology company’s stock valued at $5,270,000 after buying an additional 68,226 shares during the period. 57.22% of the stock is owned by hedge funds and other institutional investors.
Pacific Biosciences of California, Inc. (NASDAQ:PACB) opened at 4.01 on Friday. Pacific Biosciences of California, Inc. has a 52-week low of $3.08 and a 52-week high of $9.50. The stock’s 50 day moving average price is $3.42 and its 200 day moving average price is $4.28. The stock’s market capitalization is $390.41 million.
Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.02. The business had revenue of $20.07 million for the quarter, compared to the consensus estimate of $23.34 million. Pacific Biosciences of California had a negative net margin of 89.67% and a negative return on equity of 93.31%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.21) EPS. On average, analysts forecast that Pacific Biosciences of California, Inc. will post ($0.90) EPS for the current year.
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Several research firms have issued reports on PACB. Cantor Fitzgerald set a $8.00 target price on Pacific Biosciences of California and gave the stock a “buy” rating in a research note on Thursday, April 27th. Zacks Investment Research raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Wednesday, April 12th. BidaskClub cut Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine cut Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $10.00.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.
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