446,854 Shares in Pacific Biosciences of California, Inc. (NASDAQ:PACB) Acquired by Federated Hermes Inc.

Federated Hermes Inc. purchased a new stake in Pacific Biosciences of California, Inc. (NASDAQ:PACB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 446,854 shares of the biotechnology company’s stock, valued at approximately $612,000. Federated Hermes Inc. owned approximately 0.16% of Pacific Biosciences of California as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PACB. Edmond DE Rothschild Holding S.A. increased its position in shares of Pacific Biosciences of California by 955.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock worth $39,402,000 after acquiring an additional 9,511,787 shares in the last quarter. Vanguard Group Inc. raised its stake in Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock valued at $262,806,000 after purchasing an additional 3,514,792 shares during the period. Decheng Capital LLC purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $28,845,000. Norges Bank acquired a new stake in shares of Pacific Biosciences of California in the fourth quarter worth $13,486,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at $1,775,000.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 38,011 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the sale, the insider now owns 1,630,815 shares in the company, valued at $2,707,152.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $1.59, for a total value of $42,548.40. Following the completion of the sale, the insider now owns 869,730 shares in the company, valued at approximately $1,382,870.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $1.66, for a total value of $63,098.26. Following the sale, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $1.74 on Tuesday. Pacific Biosciences of California, Inc. has a 1 year low of $1.16 and a 1 year high of $10.65. The company has a fifty day simple moving average of $1.68 and a 200 day simple moving average of $2.05. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The company has a market cap of $474.20 million, a P/E ratio of -1.53 and a beta of 2.03.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The company had revenue of $36.01 million during the quarter, compared to analysts’ expectations of $40.52 million. Pacific Biosciences of California had a negative net margin of 211.99% and a negative return on equity of 40.98%. On average, sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.95 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Jefferies Financial Group started coverage on Pacific Biosciences of California in a research report on Monday, June 3rd. They set a “buy” rating and a $4.00 price objective for the company. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Canaccord Genuity Group lowered their price target on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Morgan Stanley cut their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Finally, Scotiabank lowered their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.50.

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.