The Manufacturers Life Insurance Company Reduces Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

The Manufacturers Life Insurance Company lowered its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 295,365 shares of the biotechnology company’s stock after selling 34,450 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.11% of Pacific Biosciences of California worth $502,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PACB. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 0.6% in the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock worth $56,791,000 after purchasing an additional 193,947 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock worth $3,469,000 after buying an additional 82,807 shares during the period. Marshall Wace LLP lifted its stake in shares of Pacific Biosciences of California by 226.6% during the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock worth $2,207,000 after acquiring an additional 1,117,966 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Pacific Biosciences of California during the 2nd quarter valued at $1,775,000. Finally, Senvest Management LLC grew its position in Pacific Biosciences of California by 36.1% in the 3rd quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company’s stock valued at $1,860,000 after acquiring an additional 290,000 shares during the last quarter.

Pacific Biosciences of California Price Performance

PACB opened at $1.96 on Friday. The firm has a market capitalization of $536.77 million, a PE ratio of -1.34 and a beta of 1.95. The business’s 50-day moving average is $1.98 and its two-hundred day 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 company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. Piper Sandler upped their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note 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 target for the company. in a research note on Monday, November 11th. Finally, Scotiabank dropped their price objective on 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.95.

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.