Softbank Group CORP. Acquires New Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Softbank Group CORP. bought a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,451,570 shares of the biotechnology company’s stock, valued at approximately $37,426,000. Pacific Biosciences of California comprises 0.2% of Softbank Group CORP.’s holdings, making the stock its 15th biggest position. Softbank Group CORP. owned approximately 0.07% of Pacific Biosciences of California as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. ARK Investment Management LLC grew its holdings in Pacific Biosciences of California by 7.9% during the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock valued at $65,961,000 after buying an additional 2,637,961 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its stake in Pacific Biosciences of California by 5.1% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company’s stock valued at $39,064,000 after buying an additional 1,038,600 shares during the period. Millennium Management LLC raised its holdings in shares of Pacific Biosciences of California by 66.9% in the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company’s stock valued at $31,230,000 after acquiring an additional 6,840,953 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Pacific Biosciences of California during the fourth quarter worth about $8,962,000. Finally, Northern Trust Corp raised its stake in Pacific Biosciences of California by 6.7% in the fourth quarter. Northern Trust Corp now owns 2,514,824 shares of the biotechnology company’s stock valued at $4,602,000 after purchasing an additional 157,145 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PACB shares. The Goldman Sachs Group decreased their price target on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. Piper Sandler cut their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a “neutral” rating for the company in a research note on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. Finally, Stephens reissued an “overweight” rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.34.

Insider Activity at Pacific Biosciences of California

In other news, insider Michele Farmer sold 24,349 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total value of $45,776.12. Following the completion of the transaction, the insider now owns 187,592 shares of the company’s stock, valued at approximately $352,672.96. This represents a 11.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.50% of the stock is owned by corporate insiders.

Pacific Biosciences of California Stock Down 3.6%

NASDAQ PACB opened at $1.06 on Friday. The business’s 50-day moving average is $1.21 and its 200 day moving average is $1.61. The stock has a market capitalization of $318.09 million, a PE ratio of -0.65 and a beta of 2.19. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. Pacific Biosciences of California, Inc. has a 1 year low of $1.04 and a 1 year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The company had revenue of $37.15 million during the quarter, compared to analyst estimates of $36.90 million. During the same quarter last year, the firm posted ($0.26) earnings per share. Sell-side analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

About Pacific Biosciences of California

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.