Pacific Biosciences of California, Inc. $PACB Stake Cut by Renaissance Technologies LLC

Renaissance Technologies LLC cut its holdings in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 35.4% in the first quarter, HoldingsChannel reports. The fund owned 2,489,100 shares of the biotechnology company’s stock after selling 1,361,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Pacific Biosciences of California were worth $3,286,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Sei Investments Co. purchased a new stake in shares of Pacific Biosciences of California in the first quarter worth approximately $220,000. State of Wyoming grew its position in Pacific Biosciences of California by 663.4% during the first quarter. State of Wyoming now owns 55,529 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 48,255 shares in the last quarter. Himension Capital Singapore PTE. LTD. acquired a new position in Pacific Biosciences of California in the 1st quarter valued at approximately $365,000. Dimensional Fund Advisors LP lifted its position in Pacific Biosciences of California by 177.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company’s stock worth $1,187,000 after buying an additional 575,801 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter worth approximately $303,000.

Pacific Biosciences of California Stock Performance

Shares of PACB opened at $1.19 on Friday. The firm has a market cap of $368.06 million, a PE ratio of -2.76 and a beta of 2.31. The firm’s 50 day moving average price is $1.46 and its 200 day moving average price is $1.55. Pacific Biosciences of California, Inc. has a twelve month low of $1.09 and a twelve month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Pacific Biosciences of California had a negative return on equity of 1,043.14% and a negative net margin of 82.49%.The business had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. On average, sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on PACB. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Friday, July 17th. Barclays upped their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Zacks Research cut Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $1.83.

About Pacific Biosciences of California

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.