Sumitomo Mitsui Trust Group Inc. Has $9.29 Million Stake in Pacific Biosciences of California, Inc. $PACB

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 9.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,037,987 shares of the biotechnology company’s stock after selling 770,593 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pacific Biosciences of California were worth $9,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PACB. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 20.5% in the 4th quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock worth $69,684,000 after purchasing an additional 6,340,125 shares during the last quarter. Vanguard Group Inc. boosted its position in Pacific Biosciences of California by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock valued at $20,966,000 after buying an additional 362,797 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Pacific Biosciences of California by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 7,078,744 shares of the biotechnology company’s stock valued at $13,241,000 after buying an additional 172,089 shares during the period. Millennium Management LLC increased its stake in shares of Pacific Biosciences of California by 500.9% in the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after buying an additional 4,098,555 shares during the period. Finally, Casdin Capital LLC raised its position in shares of Pacific Biosciences of California by 483.6% during the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock worth $7,898,000 after acquiring an additional 3,500,000 shares during the last quarter.

Pacific Biosciences of California Stock Performance

PACB opened at $1.50 on Wednesday. The company has a fifty day moving average price of $1.44 and a two-hundred day moving average price of $1.63. The firm has a market capitalization of $465.90 million, a PE ratio of -3.49 and a beta of 2.29. Pacific Biosciences of California, Inc. has a 52 week low of $1.09 and a 52 week high of $2.73.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on PACB shares. Zacks Research lowered 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 objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research 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 issued a Sell rating to the company’s stock. According to MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Reduce” and a consensus target price of $1.83.

Pacific Biosciences of California Profile

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.