Casdin Capital LLC Buys 3,500,000 Shares of Pacific Biosciences of California, Inc. $PACB

Casdin Capital LLC lifted its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 483.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,223,767 shares of the biotechnology company’s stock after acquiring an additional 3,500,000 shares during the period. Pacific Biosciences of California accounts for about 0.5% of Casdin Capital LLC’s investment portfolio, making the stock its 29th largest position. Casdin Capital LLC’s holdings in Pacific Biosciences of California were worth $7,898,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PACB. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at approximately $25,000. Russell Investments Group Ltd. bought a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 20,478 shares in the last quarter. Outlook Wealth Advisors LLC bought a new position in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $34,000. Finally, Cibc World Markets Corp bought a new position in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $34,000.

Pacific Biosciences of California Stock Down 0.7%

Shares of NASDAQ PACB opened at $1.34 on Thursday. The business’s 50 day moving average is $1.44 and its two-hundred day moving average is $1.71. The company has a market cap of $416.20 million, a P/E ratio of -3.12 and a beta of 2.35. Pacific Biosciences of California, Inc. has a 12 month low of $1.09 and a 12 month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. The company had revenue of $37.18 million for the quarter, compared to the consensus estimate of $39.94 million. Pacific Biosciences of California had a negative return on equity of 571.06% and a negative net margin of 80.35%. Sell-side analysts expect that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PACB shares. Zacks Research downgraded Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Barclays raised their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Reduce” and an average target price of $1.83.

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.