Water Island Capital LLC Acquires New Stake in Pacific Biosciences of California (PACB)

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Water Island Capital LLC acquired a new stake in shares of Pacific Biosciences of California (NASDAQ:PACB) during the fourth quarter, Holdings Channel reports. The firm acquired 1,364,531 shares of the biotechnology company’s stock, valued at approximately $10,098,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IndexIQ Advisors LLC acquired a new position in Pacific Biosciences of California in the fourth quarter valued at about $5,827,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Pacific Biosciences of California by 17.5% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 52,169 shares of the biotechnology company’s stock worth $386,000 after acquiring an additional 7,781 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Pacific Biosciences of California in the fourth quarter worth about $207,000. Rhumbline Advisers increased its holdings in shares of Pacific Biosciences of California by 59.0% in the fourth quarter. Rhumbline Advisers now owns 175,028 shares of the biotechnology company’s stock worth $1,295,000 after acquiring an additional 64,940 shares in the last quarter. Finally, Gabelli Funds LLC bought a new stake in shares of Pacific Biosciences of California in the fourth quarter worth about $12,909,000. Institutional investors and hedge funds own 70.99% of the company’s stock.

Shares of NASDAQ:PACB traded down $0.05 during mid-day trading on Tuesday, reaching $7.12. 407,852 shares of the stock were exchanged, compared to its average volume of 1,854,100. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.74 and a current ratio of 6.65. The company has a market cap of $1.08 billion, a PE ratio of -8.18 and a beta of 2.30. Pacific Biosciences of California has a one year low of $2.02 and a one year high of $7.84.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Monday, February 11th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.08). The firm had revenue of $19.53 million for the quarter, compared to the consensus estimate of $21.08 million. Pacific Biosciences of California had a negative return on equity of 91.12% and a negative net margin of 110.10%. On average, research analysts predict that Pacific Biosciences of California will post -0.68 earnings per share for the current fiscal year.

Several equities research analysts have issued reports on the company. Cantor Fitzgerald downgraded Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $8.00 price target for the company. in a report on Monday, November 12th. BidaskClub upgraded Pacific Biosciences of California from a “hold” rating to a “buy” rating in a report on Saturday, November 3rd. ValuEngine upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a report on Friday, November 2nd. Finally, Cowen downgraded Pacific Biosciences of California from an “outperform” rating to a “market perform” rating in a report on Friday, January 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Pacific Biosciences of California currently has a consensus rating of “Hold” and an average target price of $5.64.

In related news, insider Kathy Ordonez sold 25,000 shares of the stock in a transaction dated Tuesday, November 27th. The stock was sold at an average price of $7.54, for a total transaction of $188,500.00. Following the completion of the transaction, the insider now directly owns 68,750 shares in the company, valued at $518,375. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 13.40% of the stock is currently owned by company insiders.

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Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

Further Reading: How can you know how many shares are floating?

Want to see what other hedge funds are holding PACB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pacific Biosciences of California (NASDAQ:PACB).

Institutional Ownership by Quarter for Pacific Biosciences of California (NASDAQ:PACB)

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