Amova Asset Management Americas Inc. Cuts Stock Holdings in Pacific Biosciences of California, Inc. $PACB

Amova Asset Management Americas Inc. decreased its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 9.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,037,987 shares of the biotechnology company’s stock after selling 770,593 shares during the period. Amova Asset Management Americas Inc.’s holdings in Pacific Biosciences of California were worth $9,220,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Outlook Wealth Advisors LLC purchased a new position in Pacific Biosciences of California during the fourth quarter valued at $34,000. Cibc World Markets Corp purchased a new stake in Pacific Biosciences of California in the fourth quarter worth about $34,000. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California in the third quarter worth about $25,000. Mercer Global Advisors Inc. ADV raised its stake in shares of Pacific Biosciences of California by 47.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock worth $39,000 after buying an additional 6,695 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in shares of Pacific Biosciences of California during the 4th quarter valued at about $40,000.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock opened at $1.36 on Tuesday. The stock has a market cap of $422.42 million, a price-to-earnings ratio of -3.16 and a beta of 2.29. The stock has a 50 day moving average price of $1.43 and a 200-day moving average price of $1.62. Pacific Biosciences of California, Inc. has a one year low of $1.09 and a one year high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $37.18 million for the quarter, compared to the consensus estimate of $39.94 million. Sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PACB has been the topic of a number of recent analyst reports. Barclays raised their target price 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 lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target 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.