Russell Investments Group Ltd. Grows Stock Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Russell Investments Group Ltd. lifted its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 24.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 410,847 shares of the biotechnology company’s stock after acquiring an additional 81,859 shares during the period. Russell Investments Group Ltd.’s holdings in Pacific Biosciences of California were worth $13,683,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pacific Biosciences of California by 53.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,370 shares of the biotechnology company’s stock worth $1,145,000 after purchasing an additional 11,943 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Pacific Biosciences of California by 4.8% in the fourth quarter. BlackRock Inc. now owns 15,115,490 shares of the biotechnology company’s stock worth $392,094,000 after buying an additional 696,299 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $3,092,000. American International Group Inc. grew its stake in Pacific Biosciences of California by 3.4% during the first quarter. American International Group Inc. now owns 106,294 shares of the biotechnology company’s stock valued at $3,541,000 after acquiring an additional 3,508 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in Pacific Biosciences of California during the 4th quarter worth approximately $926,000. Institutional investors own 82.68% of the company’s stock.

A number of research analysts have recently commented on PACB shares. Morgan Stanley boosted their price target on shares of Pacific Biosciences of California from $12.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, February 12th. Piper Sandler upgraded Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $20.00 to $52.00 in a research note on Thursday, February 11th. Cantor Fitzgerald lifted their price target on Pacific Biosciences of California from $45.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, February 11th. Zacks Investment Research upgraded shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating and set a $32.00 price objective on the stock in a research report on Tuesday, April 13th. Finally, TheStreet lowered shares of Pacific Biosciences of California from a “c” rating to a “d+” rating in a research report on Tuesday, May 4th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $41.20.

In related news, Director William W. Ericson sold 37,500 shares of the stock in a transaction on Tuesday, May 25th. The shares were sold at an average price of $25.89, for a total transaction of $970,875.00. Following the transaction, the director now owns 12,500 shares of the company’s stock, valued at approximately $323,625. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

Shares of NASDAQ PACB opened at $29.76 on Friday. The stock has a market cap of $5.90 billion, a PE ratio of -80.43 and a beta of 1.12. The company has a current ratio of 35.45, a quick ratio of 34.97 and a debt-to-equity ratio of 3.19. Pacific Biosciences of California, Inc. has a 1-year low of $3.32 and a 1-year high of $53.69. The firm’s 50-day moving average price is $28.44.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, April 29th. The biotechnology company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.27. The business had revenue of $29.00 million for the quarter, compared to analysts’ expectations of $25.66 million. Pacific Biosciences of California had a negative net margin of 64.25% and a negative return on equity of 43.06%. As a group, sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.81 earnings per share for the current fiscal year.

Pacific Biosciences of California Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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

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