Nikko Asset Management Americas Inc. Lowers Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Nikko Asset Management Americas Inc. decreased its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 14.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,178,501 shares of the biotechnology company’s stock after selling 1,687,265 shares during the period. Nikko Asset Management Americas Inc. owned 3.72% of Pacific Biosciences of California worth $18,423,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. ARK Investment Management LLC boosted its holdings in shares of Pacific Biosciences of California by 7.9% in the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock valued at $65,961,000 after purchasing an additional 2,637,961 shares during the period. Geode Capital Management LLC lifted its holdings in Pacific Biosciences of California by 3.7% during the third quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock worth $10,759,000 after buying an additional 225,034 shares during the period. State Street Corp lifted its holdings in Pacific Biosciences of California by 5.7% during the third quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock worth $10,669,000 after buying an additional 340,766 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Pacific Biosciences of California by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,176,252 shares of the biotechnology company’s stock worth $3,983,000 after buying an additional 135,949 shares during the period. Finally, Soros Fund Management LLC lifted its holdings in Pacific Biosciences of California by 23.6% during the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock worth $3,567,000 after buying an additional 400,000 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PACB. The Goldman Sachs Group lowered their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. Stephens restated an “overweight” rating and set a $2.50 target price on shares of Pacific Biosciences of California in a report on Friday, February 14th. Finally, Piper Sandler restated a “neutral” rating and set a $2.00 target price (down previously from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.79.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $1.22 on Monday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The stock’s fifty day moving average price is $1.60 and its 200 day moving average price is $1.78. Pacific Biosciences of California, Inc. has a 1 year low of $1.16 and a 1 year high of $4.10. The company has a market cap of $334.11 million, a price-to-earnings ratio of -0.74 and a beta of 1.86.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The firm had revenue of $39.22 million for the quarter, compared to the consensus estimate of $39.20 million. During the same period in the prior year, the firm earned ($0.27) EPS. As a group, equities research analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 34,405 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michele Farmer sold 24,349 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total value of $45,776.12. Following the sale, the insider now directly owns 187,592 shares in the company, valued at $352,672.96. This represents a 11.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Pacific Biosciences of California Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.