Point72 Asset Management L.P. raised its holdings in Pacific Biosciences of California (NASDAQ:PACB) by 78.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,175,000 shares of the biotechnology company’s stock after purchasing an additional 2,275,000 shares during the quarter. Point72 Asset Management L.P. owned 3.48% of Pacific Biosciences of California worth $27,997,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new stake in Pacific Biosciences of California in the third quarter valued at $107,000. JPMorgan Chase & Co. boosted its holdings in Pacific Biosciences of California by 48.8% in the third quarter. JPMorgan Chase & Co. now owns 36,801 shares of the biotechnology company’s stock valued at $199,000 after purchasing an additional 12,061 shares during the last quarter. Virtu Financial LLC purchased a new stake in Pacific Biosciences of California in the third quarter valued at $212,000. Rhumbline Advisers boosted its holdings in Pacific Biosciences of California by 17.0% in the second quarter. Rhumbline Advisers now owns 116,960 shares of the biotechnology company’s stock valued at $415,000 after purchasing an additional 17,005 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of Pacific Biosciences of California in the third quarter worth about $894,000. 73.04% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on PACB shares. BidaskClub upgraded shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating in a research report on Saturday, November 3rd. Cantor Fitzgerald set a $8.00 price objective on shares of Pacific Biosciences of California and gave the stock a “buy” rating in a research report on Thursday, November 1st. Cowen started coverage on shares of Pacific Biosciences of California in a research report on Friday, October 19th. They issued an “outperform” rating and a $6.50 price objective for the company. Finally, ValuEngine upgraded shares of Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 2nd. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $5.64.
Shares of Pacific Biosciences of California stock opened at $7.47 on Friday. Pacific Biosciences of California has a fifty-two week low of $2.02 and a fifty-two week high of $7.84. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.65 and a quick ratio of 5.74.
Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, November 1st. The biotechnology company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The firm had revenue of $18.16 million during the quarter, compared to analyst estimates of $22.39 million. Pacific Biosciences of California had a negative return on equity of 91.12% and a negative net margin of 110.10%. The company’s revenue was down 22.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.19) EPS. Equities analysts anticipate that Pacific Biosciences of California will post -0.68 EPS for the current year.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.
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