On June 4th, 2023, Commonwealth Equity Services LLC revealed in its most recent 13F filing with the Securities and Exchange Commission (SEC) that it had trimmed its holdings in Pacific Biosciences of California Inc. (NASDAQ:PACB) by as much as 53.4% during the fourth quarter. This move saw the firm sell a total of 19,203 shares, leaving it with just 16,765 shares at period end – worth $137,000. Notably, the Californian company develops, manufactures, and markets advanced sequencing solutions for genetic analysis and operates across America, Europe, Middle East & Africa and Asia-Pacific segments.
This report followed news several weeks prior that saw insider Michele Farmer sell off a significant chunk of PACB stock – around 5,165 shares – on May 18th; the transaction at an average price of $12.59 saw Farmer net around $65k in total. Following this sale was another insider trade whereby Director William W. Ericson sold over seven thousand shares back in March at an average price of $8.90 per share totaling over $67k – which suggests he has been vindicated as the share price continues to climb.
It is always worth noting when insiders take significant positions or dispose of large amounts of stock within their own companies; they are often seen as barometers for how positive executives feel about their business’s future prospects. In this case, we see more than one bigwig trimming their stake over multiple occasions recently; however we cannot see any material effect on value from these decisions just yet.
Overall though this news does not conclusively provide insight into where PACB may be headed next – and so investors would do well to monitor developments further before making any hasty investment decisions based on these movements alone or if they should presently look to add or reduce their holdings positions in PACB based on current market conditions.
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Pacific Biosciences of California Attracts High-Profile Investment Firms and Hedge Funds
Pacific Biosciences of California Continues to Attract Interest from Hedge Funds and Investment Firms
June 4, 2023 – Pacific Biosciences of California (NASDAQ:PACB) has provided yet another impressive update on its current lineup of strategic investments. It has been reported that several hedge funds and investment firms have recently made significant changes to their positions in the company’s stock.
These changes include raising stakes by as much as 10.7% in some cases thanks to rapidly improving earnings reports by Pacific Biosciences of California. This growth has attracted strong interest from high-profile investors, who view the biotechnology specialist as a smart long-term investment opportunity.
Credit Suisse AG raised its stake in shares of Pacific Biosciences of California by 0.5% during the third quarter, while Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings by 4.2% in the fourth quarter, with Envestnet Asset Management and IHT Wealth Management also increasing holdings.
Victory Capital Management Inc., one of the largest institutional holders at present, now owns 22,975 shares worth $133,000 after recently acquiring an additional 2,171 shares.
Several equities research analysts have weighed in on the merits of purchasing PacBio stock if you’re thinking about investing in this technology provider’s future prospects. TD Cowen notably raised Pacific Biosciences of California stocks from a “market perform” rating to an “outperform” rating while Piper Sandler lifted its price objective on Pacific Biosciences stock from $10.00 to $13.00 in May.
SpectralCast is among those that reaffirmed a “maintains” rating on shares of Pacific Biosciences of California recently. Four analysts currently have rated the stock with a hold rating while three have given it a buy rating according to data generated by Bloomberg.
Pacific Biosciences engages in developing and manufacturing advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: America, Europe, Middle East, Africa 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.
On Friday, the shares of PACB opened at $13.49. The company has a market cap of $3.37 billion, a PE ratio of -9.70 and a beta of 1.68. Furthermore, the company also boasts a current ratio of 3.69 and quick ratio of 3.46, with debt-equity ratio standing at an impressive at 1.30%.
What’s more remarkable about these recent developments is that Pacific Biosciences of California (NASDAQ:PACB) issues quarterly earnings results on May 2nd where they posted earnings per share (EPS) coming in at ($0.31). This beats consensus estimates by $0.02 while generating revenue worth $38.90 million during this year’s first quarter.
On top of that, Pacific Biosciences increased revenue by nearly 17% YoY figures while noting only slight changes to negative net margins expectations from previous reports.
All things considered; it’s no surprise high-profile investors have taken such an interest in Pacific Biosciences of California as it continues to dominate its niche in the biotechnology industry through innovative scientific discoveries coupled with astute financial management practices designed for success’ over the long haul!
