SteelPeak Wealth LLC Purchases New Shares 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, according to its most recent 13F filing with the SEC. The firm acquired 94,589 shares of the biotechnology company’s stock, valued at approximately $355,000.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Pacific Biosciences of California by 23.9% during the third quarter. FMR LLC now owns 4,622,920 shares of the biotechnology company’s stock valued at $38,601,000 after purchasing an additional 892,145 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Pacific Biosciences of California in the 3rd quarter worth approximately $242,000. Qube Research & Technologies Ltd grew its holdings in shares of Pacific Biosciences of California by 452.8% in the third quarter. Qube Research & Technologies Ltd now owns 330,331 shares of the biotechnology company’s stock valued at $2,758,000 after acquiring an additional 270,573 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Pacific Biosciences of California by 23.6% in the third quarter. Axxcess Wealth Management LLC now owns 18,280 shares of the biotechnology company’s stock valued at $153,000 after acquiring an additional 3,494 shares in the last quarter. Finally, Seven Eight Capital LP increased its position in shares of Pacific Biosciences of California by 1,112.2% during the third quarter. Seven Eight Capital LP now owns 241,256 shares of the biotechnology company’s stock valued at $2,014,000 after acquiring an additional 221,353 shares during the last quarter.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $1.37 on Monday. Pacific Biosciences of California, Inc. has a 1 year low of $1.25 and a 1 year high of $14.55. The stock’s fifty day moving average price is $1.76 and its two-hundred day moving average price is $4.46. The company has a debt-to-equity ratio of 1.38, a quick ratio of 8.36 and a current ratio of 9.28.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.26). The business had revenue of $38.81 million for the quarter, compared to analysts’ expectations 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 anticipate that Pacific Biosciences of California, Inc. will post -0.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Wednesday, June 26th. Sanford C. Bernstein reduced their price target on shares of Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating for the company in a research report on Thursday, April 18th. JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a report on Monday, April 22nd. Piper Sandler dropped their target price on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Finally, Scotiabank decreased their price target on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating for the company in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and an average target price of $6.38.

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.