Arizona State Retirement System Increases Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Arizona State Retirement System grew its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACBGet Rating) by 11.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,650 shares of the biotechnology company’s stock after buying an additional 5,768 shares during the period. Arizona State Retirement System’s holdings in Pacific Biosciences of California were worth $516,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Essex Investment Management Co. LLC lifted its position in shares of Pacific Biosciences of California by 15.6% during the 4th quarter. Essex Investment Management Co. LLC now owns 9,058 shares of the biotechnology company’s stock valued at $185,000 after buying an additional 1,225 shares in the last quarter. TFC Financial Management lifted its position in shares of Pacific Biosciences of California by 714.3% during the 4th quarter. TFC Financial Management now owns 1,425 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 1,250 shares in the last quarter. First Horizon Advisors Inc. purchased a new position in shares of Pacific Biosciences of California during the 4th quarter valued at about $25,000. Handelsbanken Fonder AB lifted its position in shares of Pacific Biosciences of California by 3.3% during the 4th quarter. Handelsbanken Fonder AB now owns 40,300 shares of the biotechnology company’s stock valued at $825,000 after buying an additional 1,300 shares in the last quarter. Finally, Archford Capital Strategies LLC lifted its position in shares of Pacific Biosciences of California by 2.0% during the 1st quarter. Archford Capital Strategies LLC now owns 73,295 shares of the biotechnology company’s stock valued at $693,000 after buying an additional 1,458 shares in the last quarter. 96.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PACB. Cantor Fitzgerald lowered their price objective on Pacific Biosciences of California from $23.00 to $19.00 in a research report on Thursday, May 5th. Piper Sandler lowered their price target on Pacific Biosciences of California from $13.00 to $6.00 and set a “na” rating on the stock in a report on Sunday, May 15th. Finally, Cowen set a $9.00 price target on Pacific Biosciences of California in a report on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.57.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $5.21 on Thursday. The company has a debt-to-equity ratio of 1.22, a current ratio of 16.87 and a quick ratio of 16.38. Pacific Biosciences of California, Inc. has a 1 year low of $3.85 and a 1 year high of $35.58. The stock’s 50 day simple moving average is $4.80 and its two-hundred day simple moving average is $7.59. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -6.43 and a beta of 1.43.

Pacific Biosciences of California (NASDAQ:PACBGet Rating) last released its earnings results on Wednesday, May 4th. The biotechnology company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). The company had revenue of $33.17 million for the quarter, compared to the consensus estimate of $32.82 million. Pacific Biosciences of California had a negative net margin of 130.14% and a negative return on equity of 36.11%. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.18) EPS. As a group, equities analysts anticipate that Pacific Biosciences of California, Inc. will post -1.38 earnings per share for the current fiscal year.

Pacific Biosciences of California Company Profile

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Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template 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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Institutional Ownership by Quarter for Pacific Biosciences of California (NASDAQ:PACB)

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