Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 6.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,865,766 shares of the biotechnology company’s stock after selling 774,795 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 4.35% of Pacific Biosciences of California worth $20,172,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PACB. Water Island Capital LLC lifted its position in Pacific Biosciences of California by 91.1% in the second quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 9,537 shares during the period. Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the 2nd quarter worth $29,000. Impact Partnership Wealth LLC acquired a new position in Pacific Biosciences of California during the 2nd quarter valued at about $37,000. Atria Investments Inc lifted its stake in shares of Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 10,138 shares during the period. Finally, Ballentine Partners LLC acquired a new stake in Pacific Biosciences of California during the third quarter valued at approximately $43,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PACB. Cantor Fitzgerald restated an “overweight” rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. Scotiabank cut their price target on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 11th. Piper Sandler raised their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Morgan Stanley cut their target price on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California has an average rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Stock Down 14.0 %

Shares of PACB opened at $1.60 on Monday. The business’s 50 day simple moving average is $1.92 and its 200-day simple moving average is $1.77. Pacific Biosciences of California, Inc. has a 1 year low of $1.16 and a 1 year high of $10.65. The stock has a market capitalization of $436.81 million, a price-to-earnings ratio of -1.09 and a beta of 2.01. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 7.14.

About Pacific Biosciences of California

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.