Prosperity Wealth Management Inc. Takes Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Prosperity Wealth Management Inc. purchased a new stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 79,800 shares of the biotechnology company’s stock, valued at approximately $146,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PACB. Creative Planning boosted its holdings in shares of Pacific Biosciences of California by 30.8% during the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 7,629 shares during the period. Atria Investments Inc boosted its holdings in shares of Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 10,138 shares during the period. Intech Investment Management LLC acquired a new position in shares of Pacific Biosciences of California during the third quarter valued at $190,000. Charles Schwab Investment Management Inc. lifted its holdings in Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock worth $3,469,000 after purchasing an additional 82,807 shares during the period. Finally, Senvest Management LLC lifted its holdings in Pacific Biosciences of California by 36.1% in the third quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company’s stock worth $1,860,000 after purchasing an additional 290,000 shares during the period.

Pacific Biosciences of California Price Performance

Shares of Pacific Biosciences of California stock opened at $1.28 on Thursday. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The company’s 50-day moving average price is $1.63 and its two-hundred day moving average price is $1.78. Pacific Biosciences of California, Inc. has a 52 week low of $1.16 and a 52 week high of $4.34. The stock has a market cap of $350.55 million, a PE ratio of -0.78 and a beta of 1.86.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $39.22 million for the quarter, compared to analysts’ expectations of $39.20 million. Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. During the same period in the previous year, the business earned ($0.27) earnings per share. As a group, sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PACB has been the subject of several research analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $2.00 price objective (down previously from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. Stephens reaffirmed an “overweight” rating and issued a $2.50 price objective on shares of Pacific Biosciences of California in a report on Friday, February 14th. The Goldman Sachs Group reduced their price objective on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.79.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michele Farmer sold 24,349 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total value of $45,776.12. Following the sale, the insider now owns 187,592 shares in the company, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.

Pacific Biosciences of California Company 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.