Principal Financial Group Inc. Sells 17,601 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Principal Financial Group Inc. reduced its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 47.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 19,165 shares of the biotechnology company’s stock after selling 17,601 shares during the period. Principal Financial Group Inc.’s holdings in Pacific Biosciences of California were worth $33,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new stake in Pacific Biosciences of California during the second quarter valued at about $719,000. Assenagon Asset Management S.A. bought a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $1,775,000. Cetera Advisors LLC purchased a new stake in Pacific Biosciences of California in the first quarter worth approximately $98,000. Marshall Wace LLP grew its position in Pacific Biosciences of California by 226.6% during the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after acquiring an additional 1,117,966 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of Pacific Biosciences of California during the second quarter worth approximately $612,000.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. 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 research note on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. Canaccord Genuity Group decreased their price objective on 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. Cantor Fitzgerald restated an “overweight” rating and set a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Finally, UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Stock Down 4.3 %

Shares of NASDAQ PACB opened at $1.77 on Wednesday. The firm has a fifty day simple moving average of $1.91 and a two-hundred day simple moving average of $1.76. 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 current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $484.73 million, a PE ratio of -1.21 and a beta of 2.01.

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.