Carret Asset Management LLC Grows Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Carret Asset Management LLC lifted its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 110.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,000 shares of the biotechnology company’s stock after acquiring an additional 85,400 shares during the period. Carret Asset Management LLC’s holdings in Pacific Biosciences of California were worth $277,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PACB. Vanguard Group Inc. boosted its stake in shares of Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock valued at $262,806,000 after buying an additional 3,514,792 shares during the last quarter. SteelPeak Wealth LLC bought a new position in Pacific Biosciences of California in the 1st quarter valued at about $355,000. First Trust Direct Indexing L.P. acquired a new position in shares of Pacific Biosciences of California during the first quarter valued at approximately $98,000. SpiderRock Advisors LLC acquired a new position in shares of Pacific Biosciences of California during the 1st quarter valued at $740,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Pacific Biosciences of California by 44.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,335,862 shares of the biotechnology company’s stock worth $5,009,000 after acquiring an additional 408,874 shares in the last quarter.

Analyst Upgrades and Downgrades

PACB has been the topic of several research reports. Morgan Stanley dropped their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a report on Monday, August 12th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Scotiabank lowered their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, August 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Finally, Canaccord Genuity Group lowered their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Pacific Biosciences of California has a consensus rating of “Hold” and a consensus price target of $4.50.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction on Monday, August 19th. The shares were sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.77 on Monday. The company has a market cap of $482.07 million, a P/E ratio of -1.55 and a beta of 2.05. Pacific Biosciences of California, Inc. has a 52-week low of $1.16 and a 52-week high of $10.65. The stock’s 50-day simple moving average is $1.69 and its 200 day simple moving average is $1.73. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.04. Pacific Biosciences of California had a negative net margin of 211.99% and a negative return on equity of 40.98%. The firm had revenue of $36.01 million for the quarter, compared to the consensus estimate of $40.52 million. As a group, sell-side analysts forecast that Pacific Biosciences of California, Inc. will post -0.95 EPS for the current fiscal year.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.