55,360 Shares in Pacific Biosciences of California, Inc. (NASDAQ:PACB) Acquired by Continental Investors Services Inc.

Continental Investors Services Inc. purchased a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 55,360 shares of the biotechnology company’s stock, valued at approximately $318,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Pacific Biosciences of California by 13.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 962,390 shares of the biotechnology company’s stock valued at $5,587,000 after buying an additional 115,158 shares during the last quarter. IHT Wealth Management LLC grew its holdings in Pacific Biosciences of California by 10.7% during the 3rd quarter. IHT Wealth Management LLC now owns 20,700 shares of the biotechnology company’s stock valued at $120,000 after buying an additional 2,000 shares during the last quarter. Capital Impact Advisors LLC acquired a new stake in Pacific Biosciences of California during the 3rd quarter valued at $140,000. BNP Paribas Arbitrage SNC grew its holdings in Pacific Biosciences of California by 34.7% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 98,955 shares of the biotechnology company’s stock valued at $574,000 after buying an additional 25,515 shares during the last quarter. Finally, State Street Corp grew its holdings in Pacific Biosciences of California by 16.4% during the 3rd quarter. State Street Corp now owns 5,051,353 shares of the biotechnology company’s stock valued at $29,323,000 after buying an additional 710,784 shares during the last quarter. Institutional investors and hedge funds own 92.88% of the company’s stock.

Pacific Biosciences of California Price Performance

PACB stock opened at $8.30 on Friday. Pacific Biosciences of California, Inc. has a 52-week low of $3.85 and a 52-week high of $14.20. The stock’s fifty day simple moving average is $10.20 and its 200-day simple moving average is $8.72. The company has a quick ratio of 3.04, a current ratio of 3.24 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -5.93 and a beta of 1.67.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last issued its earnings results on Thursday, February 16th. The biotechnology company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $27.35 million during the quarter, compared to analysts’ expectations of $27.29 million. Pacific Biosciences of California had a negative return on equity of 47.73% and a negative net margin of 244.93%. The company’s quarterly revenue was down 24.1% compared to the same quarter last year. During the same period last year, the business posted ($0.30) earnings per share. Equities research analysts expect that Pacific Biosciences of California, Inc. will post -1.24 EPS for the current year.

Insider Buying and Selling

In related news, Director William W. Ericson sold 7,541 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $8.90, for a total value of $67,114.90. Following the transaction, the director now directly owns 18,795 shares of the company’s stock, valued at approximately $167,275.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director William W. Ericson sold 7,541 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $8.90, for a total value of $67,114.90. Following the transaction, the director now directly owns 18,795 shares of the company’s stock, valued at approximately $167,275.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Susan G. Kim sold 5,045 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $9.49, for a total value of $47,877.05. Following the completion of the transaction, the insider now directly owns 323,505 shares in the company, valued at $3,070,062.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,215 shares of company stock valued at $378,968. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler lowered their target price on Pacific Biosciences of California from $11.00 to $10.00 in a report on Wednesday, February 22nd. UBS Group assumed coverage on Pacific Biosciences of California in a report on Thursday, February 2nd. They set a “neutral” rating and a $13.00 price objective on the stock. Scotiabank assumed coverage on Pacific Biosciences of California in a report on Wednesday, January 4th. They set a “sector outperform” rating and a $12.00 price objective on the stock. Finally, Cantor Fitzgerald cut Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a report on Friday, January 20th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.50.

Pacific Biosciences of California Profile

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Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.