Continental Investors Services Inc. Acquires New Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Continental Investors Services Inc. acquired a new stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating ) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 55,360 shares of the biotechnology company’s stock, valued at approximately $318,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Credit Suisse AG raised its stake in Pacific Biosciences of California by 0.5% during the third quarter. Credit Suisse AG now owns 227,272 shares of the biotechnology company’s stock valued at $1,319,000 after buying an additional 1,099 shares in the last quarter. Raymond James & Associates raised its stake in Pacific Biosciences of California by 1.5% during the third quarter. Raymond James & Associates now owns 95,090 shares of the biotechnology company’s stock valued at $552,000 after purchasing an additional 1,365 shares in the last quarter. Arete Wealth Advisors LLC raised its stake in Pacific Biosciences of California by 10.0% during the third quarter. Arete Wealth Advisors LLC now owns 15,042 shares of the biotechnology company’s stock valued at $87,000 after purchasing an additional 1,366 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Pacific Biosciences of California by 17.1% during the third quarter. Ballentine Partners LLC now owns 11,916 shares of the biotechnology company’s stock valued at $69,000 after purchasing an additional 1,737 shares in the last quarter. Finally, Byrne Asset Management LLC boosted its position in shares of Pacific Biosciences of California by 55.8% during the third quarter. Byrne Asset Management LLC now owns 5,140 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 1,840 shares in the last quarter. 92.88% of the shares are owned by institutional investors and hedge funds.

The Wall Street analyst weighs in

Several research analysts have recently issued reports on PACB shares. Piper Sandler reduced their price objective on Pacific Biosciences of California from $11.00 to $10.00 in a research report on Wednesday, February 22nd. Cantor Fitzgerald cut Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $12.00 price objective for the company. in a research report on Friday, January 20th. They noted that the move was a call of appreciation. UBS Group started coverage on Pacific Biosciences of California in a research report on Thursday, February 2nd. They set a “neutral” rating and a $13.00 price objective for the company. Finally, Scotiabank began coverage on Pacific Biosciences of California in a research report on Wednesday, January 4th. They set a “sector best” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $11.50, according to data from MarketBeat.com.

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Oene Mark Van sold 26,722 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total transaction of $254,660.66. Following the completion of the sale, the insider now directly owns 640,808 shares of the company’s stock, valued at approximately $6,106,900.24. The transaction was disclosed in a document filed with the SEC, which can be accessed via this link. In other Pacific Biosciences of California news, Director William W. Ericson sold 7,541 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $8.90, for a total transaction of $67,114.90. Following the completion of the sale, the director now directly owns 18,795 shares of the company’s stock, valued at approximately $167,275.50. The transaction was disclosed in a document filed with the SEC, which can be accessed via this link. Also, insider Oene Mark Van sold 26,722 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $9.53, for a total value of $254,660.66. Following the sale, the insider now directly owns 640,808 shares of the company’s stock, valued at $6,106,900.24. Disclosure for this sale can be found here. Insiders sold a total of 40,215 shares of company stock valued at $378,968 in the last ninety days. Insiders own 1.40% of the company’s stock.

Shares of Pacific Biosciences of California fall 6.1%

Shares of NASDAQ PACB opened at $8.30 on Friday. The stock has a market cap of $2.05 billion, a PE ratio of -5.93 and a beta of 1.67. The company has a quick ratio of 3.04, a current ratio of 3.24, and a debt-to-equity ratio of 1.59. Pacific Biosciences of California, Inc. it has a 52-week low of $3.85 and a 52-week high of $14.20. The business has a 50-day moving average price of $10.20 and a 200-day moving average price of $8.72.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating ) last announced its earnings results on Thursday, February 16th. The biotechnology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $27.35 million during the quarter, compared to analyst estimates of $27.29 million. Pacific Biosciences of California had a negative net margin of 244.93% and a negative return on equity of 47.73%. The firm’s revenue for the quarter fell 24.1% compared to the same quarter last year. During the same period last year, the company earned ($0.30) earnings per share. Equities research analysts predict that Pacific Biosciences of California, Inc. will post -1.24 earnings per share for the current year.

About Pacific Biosciences of California (Get Rating)

Pacific Biosciences of California, Inc. engages in the development, manufacture and commercialization of advanced sequencing solutions for genetic analysis. It operates through the following geographic segments: North America, Europe and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.

See also

Want to see what other hedge funds PACB is holding? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating ).

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