Prosperity Wealth Management Inc. Buys New Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Prosperity Wealth Management Inc. purchased a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 24,100 shares of the biotechnology company’s stock, valued at approximately $236,000.

A number of other institutional investors have also added to or reduced their stakes in PACB. Fairfield Bush & CO. purchased a new position in shares of Pacific Biosciences of California in the second quarter worth $27,000. Comerica Bank purchased a new stake in Pacific Biosciences of California during the third quarter valued at approximately $46,000. Captrust Financial Advisors boosted its holdings in shares of Pacific Biosciences of California by 217.2% in the 2nd quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 4,220 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Pacific Biosciences of California in the third quarter valued at $59,000. Finally, SVB Financial Group bought a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $84,000.

Pacific Biosciences of California Stock Performance

PACB stock opened at $1.40 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. The firm has a market cap of $375.13 million, a price-to-earnings ratio of -1.16 and a beta of 1.83. The firm has a 50-day simple moving average of $4.36 and a two-hundred day simple moving average of $6.69. Pacific Biosciences of California, Inc. has a one year low of $1.25 and a one year high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The firm had revenue of $58.36 million during the quarter, compared to analyst estimates of $57.96 million. During the same quarter in the prior year, the business posted ($0.35) EPS. The business’s revenue for the quarter was up 113.3% compared to the same quarter last year. On average, equities analysts forecast that Pacific Biosciences of California, Inc. will post -1.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on PACB. TD Cowen cut their price target on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $7.00 to $2.50 in a report on Thursday. Barclays decreased their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. UBS Group reduced their price objective on Pacific Biosciences of California from $12.50 to $12.00 and set a “buy” rating on the stock in a report on Friday, February 16th. Finally, Scotiabank dropped their price target on Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Hold” and a consensus target price of $8.55.

Insiders Place Their Bets

In related news, Director David W. Meline acquired 40,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the acquisition, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director David W. Meline bought 40,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the transaction, the director now owns 40,000 shares in the company, valued at $176,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the transaction, the insider now directly owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,359 shares of company stock valued at $218,843. 1.90% of the stock is currently owned by corporate insiders.

Pacific Biosciences of California Profile

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.