Vestmark Advisory Solutions Inc. Sells 692,663 Shares of Pacific Biosciences of California, Inc. $PACB

Vestmark Advisory Solutions Inc. lessened its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 53.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 601,523 shares of the biotechnology company’s stock after selling 692,663 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Pacific Biosciences of California were worth $770,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PACB. Cim Investment Management Inc. grew its position in Pacific Biosciences of California by 100.7% during the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 12,822 shares during the period. SteelPeak Wealth LLC raised its position in 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 worth $38,000 after acquiring an additional 14,626 shares during the period. Prudential Financial Inc. boosted its stake in shares of Pacific Biosciences of California by 73.0% during the 2nd quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock worth $44,000 after acquiring an additional 15,062 shares during the last quarter. Financial Advocates Investment Management bought a new stake in shares of Pacific Biosciences of California during the 2nd quarter valued at $50,000. Finally, Western Wealth Management LLC bought a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at $52,000.

Insider Buying and Selling at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 55,107 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total transaction of $89,824.41. Following the completion of the transaction, the insider owned 1,742,638 shares in the company, valued at approximately $2,840,499.94. This represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian O. Henry sold 140,874 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total transaction of $229,624.62. Following the transaction, the insider directly owned 2,673,500 shares of the company’s stock, valued at $4,357,805. The trade was a 5.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 707,731 shares of company stock valued at $1,128,762 in the last three months. 2.50% of the stock is currently owned by corporate insiders.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.78 on Friday. The business’s 50-day simple moving average is $1.98 and its two-hundred day simple moving average is $1.78. Pacific Biosciences of California, Inc. has a 52 week low of $0.85 and a 52 week high of $2.73. The stock has a market cap of $537.40 million, a PE ratio of -0.97 and a beta of 2.27. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.07. The firm had revenue of $44.65 million during the quarter, compared to analyst estimates of $44.60 million. Pacific Biosciences of California had a negative return on equity of 251.75% and a negative net margin of 341.47%. As a group, analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analyst Ratings Changes

PACB has been the topic of a number of recent research reports. Stephens raised their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Zacks Research raised Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Piper Sandler boosted their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Barclays increased their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Pacific Biosciences of California has a consensus rating of “Moderate Buy” and an average target price of $2.20.

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.