IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Position in Pacific Biosciences of California, Inc. $PACB

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 63.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,288,692 shares of the biotechnology company’s stock after buying an additional 499,421 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd owned 0.43% of Pacific Biosciences of California worth $1,650,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PACB. Amiral Gestion bought a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $3,208,000. Vestmark Advisory Solutions Inc. lifted its holdings in shares of Pacific Biosciences of California by 89.9% during the second quarter. Vestmark Advisory Solutions Inc. now owns 1,294,186 shares of the biotechnology company’s stock valued at $1,605,000 after purchasing an additional 612,760 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Pacific Biosciences of California by 95.5% during the second quarter. XTX Topco Ltd now owns 954,596 shares of the biotechnology company’s stock valued at $1,184,000 after buying an additional 466,359 shares during the last quarter. Geode Capital Management LLC increased its holdings in Pacific Biosciences of California by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after buying an additional 401,637 shares in the last quarter. Finally, Birchview Capital LP purchased a new position in Pacific Biosciences of California in the 2nd quarter worth about $496,000.

Analysts Set New Price Targets

A number of brokerages have recently commented on PACB. Stephens lifted their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Barclays lifted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Thursday, January 22nd. Finally, Piper Sandler raised their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.08.

Pacific Biosciences of California Price Performance

Shares of Pacific Biosciences of California stock opened at $1.82 on Friday. The stock has a market cap of $549.48 million, a P/E ratio of -0.83 and a beta of 2.27. The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24. The stock’s fifty day moving average is $2.13 and its 200 day moving average is $1.76. Pacific Biosciences of California, Inc. has a one year low of $0.85 and a one year high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%.The business had revenue of $38.44 million during the quarter, compared to analysts’ expectations of $40.25 million. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.