Sumitomo Mitsui Trust Group Inc. Has $11.11 Million Stock Position in Pacific Biosciences of California, Inc. $PACB

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 5.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 8,677,558 shares of the biotechnology company’s stock after selling 540,897 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Pacific Biosciences of California were worth $11,107,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cim Investment Management Inc. increased its holdings in Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 12,822 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Pacific Biosciences of California by 47.8% in the 2nd 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 last quarter. SteelPeak Wealth LLC increased its stake in shares of Pacific Biosciences of California by 95.6% in the third quarter. SteelPeak Wealth LLC now owns 29,930 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 14,626 shares during the period. Prudential Financial Inc. increased its stake in shares of Pacific Biosciences of California by 73.0% in the second quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 15,062 shares during the period. Finally, Financial Advocates Investment Management bought a new position in shares of Pacific Biosciences of California during the second quarter worth about $50,000.

Pacific Biosciences of California Trading Down 6.0%

NASDAQ:PACB opened at $2.21 on Friday. Pacific Biosciences of California, Inc. has a 12 month low of $0.85 and a 12 month high of $2.72. The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. The stock has a market capitalization of $667.22 million, a price-to-earnings ratio of -1.00 and a beta of 2.20. The firm has a fifty day simple moving average of $2.05 and a two-hundred day simple moving average of $1.68.

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

Analyst Ratings Changes

A number of analysts have weighed in on PACB shares. Piper Sandler increased 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 report on Tuesday, November 11th. Barclays boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a report on Monday, December 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Finally, Stephens lifted their price objective on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California has a consensus rating of “Hold” and a consensus price target of $2.08.

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.