Amova Asset Management Americas Inc. Lowers Stock Position in Pacific Biosciences of California, Inc. $PACB

Amova Asset Management Americas Inc. reduced its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 10.0% during the fourth quarter, HoldingsChannel reports. The firm owned 7,808,580 shares of the biotechnology company’s stock after selling 868,978 shares during the period. Amova Asset Management Americas Inc.’s holdings in Pacific Biosciences of California were worth $14,602,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PACB. Zacks Investment Management purchased a new stake in Pacific Biosciences of California in the third quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd raised its stake in Pacific Biosciences of California by 891.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California in the third quarter valued at approximately $29,000. Outlook Wealth Advisors LLC purchased a new stake in Pacific Biosciences of California in the fourth quarter valued at approximately $34,000. Finally, CIBC Bancorp USA Inc. purchased a new stake in Pacific Biosciences of California in the third quarter valued at approximately $38,000.

Analysts Set New Price Targets

Several research analysts have commented on PACB shares. Zacks Research downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Barclays lifted their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Reduce” and an average price target of $1.83.

Pacific Biosciences of California Stock Performance

Shares of NASDAQ:PACB opened at $1.37 on Wednesday. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $2.73. The business has a 50-day simple moving average of $1.44 and a two-hundred day simple moving average of $1.75. The firm has a market cap of $425.52 million, a price-to-earnings ratio of -3.19 and a beta of 2.35.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. The firm had revenue of $37.18 million during the quarter, compared to the consensus estimate of $39.94 million. As a group, research analysts predict that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current year.

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.