Corebridge Financial Inc. Reduces Stock Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Corebridge Financial Inc. cut its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 135,995 shares of the biotechnology company’s stock after selling 10,266 shares during the quarter. Corebridge Financial Inc.’s holdings in Pacific Biosciences of California were worth $249,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. ARK Investment Management LLC increased its stake in shares of Pacific Biosciences of California by 7.9% during the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock worth $65,961,000 after purchasing an additional 2,637,961 shares in the last quarter. Koss Olinger Consulting LLC lifted its stake in shares of Pacific Biosciences of California by 150.0% during the fourth quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $3,660,000 after buying an additional 1,200,000 shares during the period. FMR LLC grew its stake in Pacific Biosciences of California by 641.3% in the 3rd quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock worth $694,000 after acquiring an additional 353,092 shares during the period. Barclays PLC lifted its stake in shares of Pacific Biosciences of California by 143.0% during the 3rd quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock worth $1,011,000 after purchasing an additional 350,196 shares during the period. Finally, State Street Corp boosted its holdings in shares of Pacific Biosciences of California by 5.7% during the third quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock worth $10,669,000 after purchasing an additional 340,766 shares during the last quarter.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction on Tuesday, February 18th. The shares were 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 of the company’s stock, valued at $352,672.96. This trade represents a 11.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on PACB. Stephens restated an “overweight” rating and issued a $2.50 target price on shares of Pacific Biosciences of California in a report on Friday, February 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $3.00 price target on shares of Pacific Biosciences of California in a report on Thursday. The Goldman Sachs Group lowered 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 research report on Tuesday, February 18th. Piper Sandler reaffirmed a “neutral” rating and set a $2.00 price target (down from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. Finally, Scotiabank lowered their target price on 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.46.

Pacific Biosciences of California Stock Down 1.4 %

PACB stock opened at $1.36 on Friday. Pacific Biosciences of California, Inc. has a 52 week low of $1.08 and a 52 week high of $3.35. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The company has a market capitalization of $405.08 million, a price-to-earnings ratio of -0.83 and a beta of 2.04. The firm’s 50-day moving average is $1.39 and its two-hundred day moving average is $1.72.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $39.22 million for the quarter, compared to analysts’ expectations of $39.20 million. Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. During the same quarter in the previous year, the company posted ($0.27) EPS. On average, analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

About Pacific Biosciences of California

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.