Geode Capital Management LLC Sells 64,981 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Geode Capital Management LLC cut its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 1.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,262,925 shares of the biotechnology company’s stock after selling 64,981 shares during the quarter. Geode Capital Management LLC owned 2.29% of Pacific Biosciences of California worth $11,464,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. PCA Investment Advisory Services Inc. boosted its position in shares of Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 5,000 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at about $45,000. Cibc World Markets Corp purchased a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at about $47,000. Sanctuary Advisors LLC grew its stake in shares of Pacific Biosciences of California by 218.3% in the fourth quarter. Sanctuary Advisors LLC now owns 35,457 shares of the biotechnology company’s stock worth $65,000 after acquiring an additional 24,318 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $75,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. The Goldman Sachs Group cut their target price 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. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. Piper Sandler reaffirmed a “neutral” rating and set a $2.00 price target (down previously from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th. Canaccord Genuity Group reissued a “buy” rating and issued a $3.00 price objective on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Finally, Scotiabank dropped their price target on shares of Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.45.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $1.17 on Wednesday. The stock has a 50-day moving average price of $1.35 and a 200 day moving average price of $1.70. The stock has a market capitalization of $348.49 million, a P/E ratio of -0.71 and a beta of 2.04. Pacific Biosciences of California, Inc. has a 12-month low of $1.08 and a 12-month high of $2.72. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97.

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, meeting analysts’ consensus estimates 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 business had revenue of $39.22 million during the quarter, compared to analyst estimates of $39.20 million. During the same period last year, the firm posted ($0.27) EPS. Equities research analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Michele Farmer sold 24,349 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the transaction, the insider now owns 187,592 shares in the company, valued at $352,672.96. This trade represents a 11.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

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.