ProShare Advisors LLC Sells 13,493 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

ProShare Advisors LLC cut its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 21.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,577 shares of the biotechnology company’s stock after selling 13,493 shares during the period. ProShare Advisors LLC’s holdings in Pacific Biosciences of California were worth $69,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headlands Technologies LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter valued at about $32,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Pacific Biosciences of California in the first quarter worth approximately $38,000. Kennedy Capital Management LLC bought a new position in shares of Pacific Biosciences of California in the first quarter worth approximately $64,000. Virtu Financial LLC bought a new position in shares of Pacific Biosciences of California in the fourth quarter worth approximately $177,000. Finally, Simplicity Wealth LLC bought a new position in shares of Pacific Biosciences of California in the second quarter worth approximately $29,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PACB. Morgan Stanley decreased their price objective on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Monday, August 12th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Scotiabank dropped their price objective on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.50.

Pacific Biosciences of California Stock Performance

Shares of PACB stock opened at $1.70 on Tuesday. The stock has a fifty day moving average of $1.63 and a 200 day moving average of $1.89. Pacific Biosciences of California, Inc. has a 52 week low of $1.16 and a 52 week high of $10.65. The firm has a market capitalization of $463.01 million, a price-to-earnings ratio of -1.49 and a beta of 2.05. The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.04. The business had revenue of $36.01 million during the quarter, compared to the consensus estimate of $40.52 million. Pacific Biosciences of California had a negative return on equity of 40.98% and a negative net margin of 211.99%. As a group, research analysts expect that Pacific Biosciences of California, Inc. will post -0.95 earnings per share for the current year.

Insider Activity

In other news, insider Oene Mark Van sold 38,011 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Oene Mark Van sold 38,011 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction dated 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 of the company’s stock, valued at $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

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.