Sumitomo Mitsui Trust Group Inc. Trims Stock Holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 14.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,178,501 shares of the biotechnology company’s stock after selling 1,687,265 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 3.72% of Pacific Biosciences of California worth $18,627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in Pacific Biosciences of California by 5.0% in the second quarter. The Manufacturers Life Insurance Company now owns 329,815 shares of the biotechnology company’s stock worth $452,000 after purchasing an additional 15,567 shares in the last quarter. Creative Planning grew its stake in Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 7,629 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Pacific Biosciences of California by 54.0% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 67,364 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 23,619 shares in the last quarter. Impact Partnership Wealth LLC grew its stake in Pacific Biosciences of California by 44.7% in the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after purchasing an additional 12,093 shares in the last quarter. Finally, Ballentine Partners LLC bought a new position in Pacific Biosciences of California in the third quarter worth approximately $43,000.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a research note on Monday, November 11th. 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. Piper Sandler increased their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. Finally, The Goldman Sachs Group dropped their target price on Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.89.

Pacific Biosciences of California Stock Up 2.3 %

Pacific Biosciences of California stock opened at $1.36 on Thursday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The stock has a market capitalization of $372.46 million, a price-to-earnings ratio of -0.93 and a beta of 1.92. Pacific Biosciences of California, Inc. has a 1-year low of $1.16 and a 1-year high of $6.83. The business has a fifty day moving average price of $1.82 and a 200-day moving average price of $1.80.

Insider Transactions at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the transaction, the insider now owns 1,597,454 shares in the company, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.40% of the company’s stock.

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.