JPMorgan Chase & Co. Buys 45,957 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

JPMorgan Chase & Co. increased its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 564,507 shares of the biotechnology company’s stock after purchasing an additional 45,957 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pacific Biosciences of California were worth $960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PACB. Marshall Wace LLP increased its holdings in shares of 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 worth $2,207,000 after buying an additional 1,117,966 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Pacific Biosciences of California in the 2nd quarter worth about $719,000. Soros Fund Management LLC raised its position in Pacific Biosciences of California by 23.6% in the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after purchasing an additional 400,000 shares during the last quarter. FMR LLC boosted its stake in shares of Pacific Biosciences of California by 641.3% during the third quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock valued at $694,000 after purchasing an additional 353,092 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of Pacific Biosciences of California by 143.0% during the third quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock worth $1,011,000 after purchasing an additional 350,196 shares during the last quarter.

Pacific Biosciences of California Trading Up 2.4 %

Shares of PACB stock opened at $1.69 on Friday. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.16 and a fifty-two week high of $7.50. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The stock has a 50 day simple moving average of $1.89 and a two-hundred day simple moving average of $1.82. The company has a market cap of $462.82 million, a P/E ratio of -1.16 and a beta of 1.95.

Insider Activity at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. The trade was a 2.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a report on Monday, November 11th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Thursday, January 9th. Piper Sandler boosted their price objective 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. The Goldman Sachs Group lowered their target price on Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating for the company in a research report on Thursday. Finally, Scotiabank reduced their price target on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.89.

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.