SteelPeak Wealth LLC Makes New $355,000 Investment in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

SteelPeak Wealth LLC acquired a new stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) during the 1st quarter, Holdings Channel reports. The fund acquired 94,589 shares of the biotechnology company’s stock, valued at approximately $355,000.

A number of other institutional investors have also bought and sold shares of the business. ARK Investment Management LLC grew its stake in Pacific Biosciences of California by 15.7% during the fourth quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock valued at $338,487,000 after acquiring an additional 4,681,833 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Pacific Biosciences of California by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock worth $262,806,000 after purchasing an additional 3,514,792 shares during the last quarter. Decheng Capital LLC purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter worth about $28,845,000. Assenagon Asset Management S.A. boosted its stake in Pacific Biosciences of California by 2,201.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company’s stock valued at $29,838,000 after buying an additional 2,909,439 shares during the last quarter. Finally, Jackson Square Partners LLC grew its holdings in Pacific Biosciences of California by 40.0% during the 4th quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company’s stock valued at $95,204,000 after buying an additional 2,770,901 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. TD Cowen lowered their target price on Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating for the company in a research report on Wednesday, April 17th. JPMorgan Chase & Co. lowered shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a research report on Monday, April 22nd. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Wednesday, June 26th. Piper Sandler lowered their price target on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Finally, Morgan Stanley reduced their price objective on Pacific Biosciences of California from $10.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.38.

Pacific Biosciences of California Price Performance

Shares of PACB stock opened at $1.37 on Monday. The stock has a 50 day moving average price of $1.76 and a 200 day moving average price of $4.46. Pacific Biosciences of California, Inc. has a 52-week low of $1.25 and a 52-week high of $14.55. The company has a debt-to-equity ratio of 1.38, a current ratio of 9.28 and a quick ratio of 8.36.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting the consensus estimate of ($0.26). The business had revenue of $38.81 million during the quarter, compared to the consensus estimate of $38.78 million. Pacific Biosciences of California had a negative return on equity of 40.26% and a negative net margin of 148.13%. On average, research analysts forecast that Pacific Biosciences of California, Inc. will post -0.91 EPS for the current fiscal year.

Pacific Biosciences of California 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.