Amova Asset Management Americas Inc. Sells 540,897 Shares of Pacific Biosciences of California, Inc. $PACB

Amova Asset Management Americas Inc. decreased its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 5.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,677,558 shares of the biotechnology company’s stock after selling 540,897 shares during the quarter. Amova Asset Management Americas Inc. owned 2.89% of Pacific Biosciences of California worth $11,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PACB. Amiral Gestion purchased a new position in Pacific Biosciences of California during the 2nd quarter valued at $3,208,000. Vestmark Advisory Solutions Inc. boosted its stake 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 during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Pacific Biosciences of California by 63.3% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,288,692 shares of the biotechnology company’s stock worth $1,650,000 after purchasing an additional 499,421 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of Pacific Biosciences of California by 95.5% in the second quarter. XTX Topco Ltd now owns 954,596 shares of the biotechnology company’s stock worth $1,184,000 after purchasing an additional 466,359 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Pacific Biosciences of California in the 3rd quarter worth about $524,000.

Insider Activity at Pacific Biosciences of California

In related news, insider Michele Farmer sold 35,215 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total transaction of $55,639.70. Following the transaction, the insider directly owned 234,044 shares of the company’s stock, valued at $369,789.52. This represents a 13.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Christian O. Henry sold 331,793 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total value of $524,232.94. Following the completion of the sale, the insider directly owned 2,814,374 shares of the company’s stock, valued at approximately $4,446,710.92. This represents a 10.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 729,711 shares of company stock valued at $1,161,951 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Pacific Biosciences of California Stock Up 2.6%

Shares of Pacific Biosciences of California stock opened at $1.56 on Thursday. The company has a quick ratio of 4.47, a current ratio of 5.15 and a debt-to-equity ratio of 120.65. The company has a market cap of $471.12 million, a P/E ratio of -0.85 and a beta of 2.31. The firm’s 50 day moving average price is $1.96 and its 200-day moving average price is $1.80. Pacific Biosciences of California, Inc. has a 52-week low of $0.85 and a 52-week high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.07. The company had revenue of $44.65 million during the quarter, compared to the consensus estimate of $44.60 million. Pacific Biosciences of California had a negative net margin of 341.47% and a negative return on equity of 326.43%. On average, sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler upped their target price on shares of 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. Stephens boosted 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. Barclays raised their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Finally, Zacks Research raised Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.20.

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.