Sumitomo Mitsui Trust Group Inc. Trims Position in Pacific Biosciences of California, Inc. $PACB

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 3.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,218,455 shares of the biotechnology company’s stock after selling 346,876 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 3.07% of Pacific Biosciences of California worth $11,431,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. AdvisorNet Financial Inc increased its stake in shares of Pacific Biosciences of California by 41.9% during the second quarter. AdvisorNet Financial Inc now owns 108,769 shares of the biotechnology company’s stock valued at $135,000 after buying an additional 32,105 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Pacific Biosciences of California by 47.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 9,739 shares during the period. Mirador Capital Partners LP increased its stake in shares of Pacific Biosciences of California by 9.3% during the second quarter. Mirador Capital Partners LP now owns 563,670 shares of the biotechnology company’s stock valued at $699,000 after buying an additional 47,936 shares during the period. Rhumbline Advisers increased its stake in shares of Pacific Biosciences of California by 4.8% during the first quarter. Rhumbline Advisers now owns 438,775 shares of the biotechnology company’s stock valued at $518,000 after buying an additional 20,153 shares during the period. Finally, Edmond DE Rothschild Holding S.A. increased its stake in shares of Pacific Biosciences of California by 2.4% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company’s stock valued at $25,789,000 after buying an additional 508,700 shares during the period.

Wall Street Analysts Forecast Growth

PACB has been the topic of several research analyst reports. Piper Sandler boosted their target price on Pacific Biosciences of California from $1.25 to $1.50 and gave the company a “neutral” rating in a research note on Monday, August 11th. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $1.90.

Pacific Biosciences of California Stock Performance

Shares of PACB stock opened at $2.01 on Thursday. Pacific Biosciences of California, Inc. has a one year low of $0.85 and a one year high of $2.72. The company’s 50-day moving average is $1.45 and its 200 day moving average is $1.32. The company has a market capitalization of $603.74 million, a price-to-earnings ratio of -0.88 and a beta of 2.10. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The firm had revenue of $3.34 million for the quarter. Sell-side analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Pacific Biosciences of California Company 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.