Pacific Biosciences of California, Inc. $PACB Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC decreased its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 14.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,924,103 shares of the biotechnology company’s stock after selling 5,374,060 shares during the quarter. ARK Investment Management LLC owned 10.30% of Pacific Biosciences of California worth $39,583,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Intech Investment Management LLC boosted its stake in shares of Pacific Biosciences of California by 5.2% during the 3rd quarter. Intech Investment Management LLC now owns 132,368 shares of the biotechnology company’s stock worth $169,000 after acquiring an additional 6,564 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Pacific Biosciences of California by 2.1% during the third quarter. Rhumbline Advisers now owns 415,679 shares of the biotechnology company’s stock valued at $532,000 after purchasing an additional 8,532 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Pacific Biosciences of California by 10.1% in the 2nd quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 9,617 shares during the period. Cim Investment Management Inc. increased its stake in Pacific Biosciences of California by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 12,822 shares in the last quarter. Finally, SteelPeak Wealth LLC raised its holdings in Pacific Biosciences of California by 95.6% during the 3rd quarter. SteelPeak Wealth LLC now owns 29,930 shares of the biotechnology company’s stock worth $38,000 after buying an additional 14,626 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Barclays raised their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Zacks Research raised Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Finally, Stephens lifted their price target on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.20.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.56 on Thursday. Pacific Biosciences of California, Inc. has a twelve month low of $0.85 and a twelve month high of $2.73. The firm’s 50 day moving average price is $1.96 and its 200 day moving average price is $1.80. The firm has a market cap of $471.12 million, a PE ratio of -0.85 and a beta of 2.31. The company has a debt-to-equity ratio of 120.65, a quick ratio of 4.47 and a current ratio of 5.15.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, February 12th. The biotechnology company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.07. Pacific Biosciences of California had a negative return on equity of 326.43% and a negative net margin of 341.47%.The business had revenue of $44.65 million for the quarter, compared to analyst estimates of $44.60 million. As a group, research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 55,107 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $1.63, for a total transaction of $89,824.41. Following the completion of the transaction, the insider owned 1,742,638 shares of the company’s stock, valued at approximately $2,840,499.94. The trade was a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michele Farmer sold 35,215 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total value of $55,639.70. Following the sale, the insider owned 234,044 shares of the company’s stock, valued at approximately $369,789.52. The trade was a 13.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 729,711 shares of company stock worth $1,161,951. 2.50% of the stock is owned by insiders.

About Pacific Biosciences of California

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.