Bank of New York Mellon Corp Grows Stake in Pacific Biosciences of California (PACB)

Bank of New York Mellon Corp lifted its position in Pacific Biosciences of California (NASDAQ:PACB) by 11.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 487,890 shares of the biotechnology company’s stock after buying an additional 50,699 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Pacific Biosciences of California worth $1,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in PACB. Point72 Asset Management L.P. purchased a new position in shares of Pacific Biosciences of California in the 1st quarter worth $4,305,000. BlackRock Inc. boosted its stake in shares of Pacific Biosciences of California by 7.8% in the 1st quarter. BlackRock Inc. now owns 8,792,739 shares of the biotechnology company’s stock worth $18,023,000 after buying an additional 637,115 shares during the last quarter. Citadel Advisors LLC boosted its stake in shares of Pacific Biosciences of California by 409.3% in the 1st quarter. Citadel Advisors LLC now owns 471,447 shares of the biotechnology company’s stock worth $967,000 after buying an additional 378,875 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Pacific Biosciences of California by 130.2% in the 1st quarter. Millennium Management LLC now owns 289,523 shares of the biotechnology company’s stock worth $594,000 after buying an additional 163,767 shares during the last quarter. Finally, UBS Group AG lifted its position in Pacific Biosciences of California by 72.8% during the first quarter. UBS Group AG now owns 301,726 shares of the biotechnology company’s stock valued at $619,000 after purchasing an additional 127,112 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Several equities analysts recently weighed in on the company. BidaskClub upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 23rd. Cantor Fitzgerald set a $8.00 target price on Pacific Biosciences of California and gave the company a “buy” rating in a research report on Thursday. Piper Jaffray Companies reiterated a “hold” rating and set a $3.80 target price on shares of Pacific Biosciences of California in a research report on Friday, August 3rd. Finally, Zacks Investment Research upgraded Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a research report on Tuesday, July 24th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $5.01.

NASDAQ PACB opened at $4.15 on Friday. The firm has a market cap of $713.81 million, a P/E ratio of -4.83 and a beta of 2.13. The company has a current ratio of 4.33, a quick ratio of 3.28 and a debt-to-equity ratio of 0.17. Pacific Biosciences of California has a fifty-two week low of $2.02 and a fifty-two week high of $5.82.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, August 2nd. The biotechnology company reported ($0.17) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17). The company had revenue of $21.58 million for the quarter, compared to the consensus estimate of $24.45 million. Pacific Biosciences of California had a negative return on equity of 95.29% and a negative net margin of 100.09%. Pacific Biosciences of California’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.26) earnings per share. On average, equities research analysts anticipate that Pacific Biosciences of California will post -0.67 EPS for the current year.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc engages in the research, development, and manufacture of sequencing systems for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific (including the Middle East). The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.

Recommended Story: Market Capitalization and Individual Investors

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

Receive News & Ratings for Pacific Biosciences of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply