Man Group plc Acquires New Holdings in Pacific Biosciences of California, Inc. $PACB

Man Group plc bought a new position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) in the 2nd quarter, HoldingsChannel reports. The fund bought 597,334 shares of the biotechnology company’s stock, valued at approximately $1,004,000.

A number of other institutional investors have also made changes to their positions in the stock. Essential Partners LLC acquired a new stake in Pacific Biosciences of California in the 1st quarter valued at approximately $25,000. Zacks Investment Management acquired a new position in Pacific Biosciences of California in the 3rd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd increased its stake in Pacific Biosciences of California by 891.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares during the period. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California during the third quarter worth about $29,000. Finally, Outlook Wealth Advisors LLC purchased a new position in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $34,000.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PACB shares. Weiss Ratings downgraded shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 25th. Wall Street Zen cut shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Barclays upped their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $1.83.

Insiders Place Their Bets

In other news, insider Mark Van Oene sold 26,911 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the transaction, the insider owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. This represents a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is currently owned by corporate insiders.

Pacific Biosciences of California Stock Down 1.5%

Shares of NASDAQ:PACB opened at $1.30 on Friday. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.07 and a fifty-two week high of $2.73. The stock has a market cap of $404.08 million, a price-to-earnings ratio of -3.02 and a beta of 2.31. The firm’s 50 day moving average price is $1.41 and its 200 day moving average price is $1.43.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. The firm had revenue of $39.01 million during the quarter, compared to analysts’ expectations of $42.90 million. On average, equities analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current year.

Pacific Biosciences of California 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.