Water Island Capital LLC Raises Holdings in Pacific Biosciences of California (PACB)

Water Island Capital LLC grew its holdings in shares of Pacific Biosciences of California (NASDAQ:PACB) by 165.6% in the first quarter, HoldingsChannel.com reports. The firm owned 3,623,677 shares of the biotechnology company’s stock after buying an additional 2,259,146 shares during the period. Pacific Biosciences of California comprises about 1.3% of Water Island Capital LLC’s investment portfolio, making the stock its 25th biggest position. Water Island Capital LLC’s holdings in Pacific Biosciences of California were worth $26,199,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the business. FNY Investment Advisers LLC bought a new position in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $26,000. Hudock Capital Group LLC bought a new stake in Pacific Biosciences of California during the fourth quarter valued at approximately $29,000. Clean Yield Group bought a new stake in Pacific Biosciences of California during the fourth quarter valued at approximately $37,000. Quantamental Technologies LLC bought a new stake in Pacific Biosciences of California during the first quarter valued at approximately $53,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Pacific Biosciences of California by 37.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,580 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 2,628 shares during the last quarter. Hedge funds and other institutional investors own 70.16% of the company’s stock.

In other news, CEO Michael Hunkapiller sold 13,335 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $7.19, for a total transaction of $95,878.65. Following the sale, the chief executive officer now owns 2,388,750 shares in the company, valued at approximately $17,175,112.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kathy Ordonez sold 6,933 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $7.17, for a total transaction of $49,709.61. Following the sale, the director now owns 63,700 shares in the company, valued at approximately $456,729. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,486 shares of company stock worth $283,261. Insiders own 13.40% of the company’s stock.

Several research analysts have commented on PACB shares. ValuEngine downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 2nd. Stephens downgraded shares of Pacific Biosciences of California from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $4.50 to $8.00 in a research note on Tuesday, April 2nd. BidaskClub raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $8.00 target price on shares of Pacific Biosciences of California in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.11.

Shares of NASDAQ PACB traded down $0.03 during mid-day trading on Wednesday, hitting $7.36. The stock had a trading volume of 36,471 shares, compared to its average volume of 1,240,940. The company has a quick ratio of 2.06, a current ratio of 2.50 and a debt-to-equity ratio of 0.47. Pacific Biosciences of California has a 1 year low of $2.37 and a 1 year high of $7.84. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -9.68 and a beta of 2.34.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Monday, February 11th. The biotechnology company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.08). The firm had revenue of $19.53 million during the quarter, compared to analysts’ expectations of $21.08 million. Pacific Biosciences of California had a negative return on equity of 102.01% and a negative net margin of 143.62%. Equities research analysts anticipate that Pacific Biosciences of California will post -0.62 earnings per share for the current year.

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About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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Institutional Ownership by Quarter for Pacific Biosciences of California (NASDAQ:PACB)

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