BNP Paribas Financial Markets Cuts Stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

BNP Paribas Financial Markets reduced its stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 34.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 662,728 shares of the biotechnology company’s stock after selling 341,387 shares during the quarter. BNP Paribas Financial Markets’ holdings in Pacific Biosciences of California were worth $1,127,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PACB. Cetera Advisors LLC purchased a new position in shares of Pacific Biosciences of California in the 1st quarter worth about $98,000. Simplicity Wealth LLC purchased a new stake in Pacific Biosciences of California during the second quarter valued at about $29,000. SG Americas Securities LLC lifted its holdings in Pacific Biosciences of California by 96.6% during the second quarter. SG Americas Securities LLC now owns 42,078 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 20,677 shares during the last quarter. Clear Harbor Asset Management LLC lifted its holdings in Pacific Biosciences of California by 4.4% during the second quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock valued at $164,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Pacific Biosciences of California during the second quarter valued at about $1,775,000.

Pacific Biosciences of California Trading Up 7.3 %

Shares of Pacific Biosciences of California stock opened at $2.34 on Wednesday. Pacific Biosciences of California, Inc. has a 12-month low of $1.16 and a 12-month high of $10.65. The company has a market cap of $640.84 million, a price-to-earnings ratio of -1.60 and a beta of 1.95. 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 $1.95 and its 200-day moving average price is $1.76.

Wall Street Analysts Forecast Growth

PACB has been the topic of several recent research reports. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Piper Sandler upped their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a report on Monday, November 11th. Finally, Scotiabank dropped their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus target price of $3.63.

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.