Man Group plc Makes New Investment in Pacific Biosciences of California, Inc. $PACB

Man Group plc acquired a new position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 597,334 shares of the biotechnology company’s stock, valued at approximately $1,004,000. Man Group plc owned approximately 0.19% of Pacific Biosciences of California as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Outlook Wealth Advisors LLC bought a new position in Pacific Biosciences of California during the 4th quarter worth about $34,000. Cibc World Markets Corp purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth approximately $34,000. Essential Partners LLC bought a new position in shares of Pacific Biosciences of California during the first quarter valued at approximately $25,000. Zacks Investment Management purchased a new position in Pacific Biosciences of California during the third quarter valued at approximately $25,000. Finally, Pinegrove Venture Partners LLC bought a new position in Pacific Biosciences of California in the second quarter worth approximately $34,584.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings lowered Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 25th. Finally, Barclays raised their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $1.83.

Pacific Biosciences of California Stock Performance

Shares of NASDAQ PACB opened at $1.30 on Friday. The company has a market cap of $404.08 million, a PE ratio of -3.02 and a beta of 2.31. The business has a 50-day simple moving average of $1.41 and a two-hundred day simple moving average of $1.43. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.07 and a fifty-two week high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. On average, sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Mark Van Oene sold 26,911 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is owned by insiders.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.