Algert Global LLC Trims Position in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Algert Global LLC reduced its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 26.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 251,196 shares of the biotechnology company’s stock after selling 89,870 shares during the period. Algert Global LLC owned about 0.09% of Pacific Biosciences of California worth $427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Water Island Capital LLC boosted its holdings 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 last quarter. Simplicity Wealth LLC purchased a new stake in shares of Pacific Biosciences of California in the second quarter worth about $29,000. Impact Partnership Wealth LLC acquired a new stake in Pacific Biosciences of California during the second quarter worth about $37,000. Atria Investments Inc raised its position in 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 in the last quarter. Finally, Ballentine Partners LLC acquired a new position in Pacific Biosciences of California in the third quarter valued at approximately $43,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PACB. Morgan Stanley dropped their price objective on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Monday, August 12th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Scotiabank lowered their target price 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 lifted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Trading Up 8.5 %

Shares of PACB opened at $1.91 on Friday. Pacific Biosciences of California, Inc. has a 52-week low of $1.16 and a 52-week high of $10.65. The stock has a market cap of $523.07 million, a PE ratio of -1.31 and a beta of 2.01. The firm’s fifty day moving average is $1.90 and its two-hundred day moving average is $1.76. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

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.