Franklin Resources Inc. Acquires 36,158 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Franklin Resources Inc. lifted its stake in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 20.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 214,094 shares of the biotechnology company’s stock after buying an additional 36,158 shares during the quarter. Franklin Resources Inc.’s holdings in Pacific Biosciences of California were worth $392,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. PCA Investment Advisory Services Inc. grew its stake in shares of Pacific Biosciences of California by 50.0% in the 4th quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 5,000 shares in the last quarter. Impact Partnership Wealth LLC lifted its position in shares of Pacific Biosciences of California by 29.5% during the 4th quarter. Impact Partnership Wealth LLC now owns 50,735 shares of the biotechnology company’s stock worth $93,000 after buying an additional 11,566 shares in the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Pacific Biosciences of California by 50.8% in the 4th quarter. Wealthfront Advisers LLC now owns 62,648 shares of the biotechnology company’s stock worth $115,000 after buying an additional 21,092 shares during the last quarter. Sanctuary Advisors LLC increased its position in shares of Pacific Biosciences of California by 218.3% during the fourth quarter. Sanctuary Advisors LLC now owns 35,457 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 24,318 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Pacific Biosciences of California during the fourth quarter worth $45,000.

Insiders Place Their Bets

In other news, insider Michele Farmer sold 24,349 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total value of $45,776.12. Following the transaction, the insider now owns 187,592 shares of the company’s stock, valued at approximately $352,672.96. This represents a 11.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB opened at $1.17 on Friday. The stock has a fifty day moving average of $1.37 and a 200-day moving average of $1.70. The stock has a market cap of $348.49 million, a PE ratio of -0.71 and a beta of 2.04. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.08 and a fifty-two week high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The firm had revenue of $39.22 million for the quarter, compared to analysts’ expectations of $39.20 million. During the same period in the prior year, the business posted ($0.27) earnings per share. Equities research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Wall Street Analyst Weigh In

PACB has been the subject of a number of recent analyst reports. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, February 25th. Piper Sandler restated a “neutral” rating and set a $2.00 price objective (down previously from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. Canaccord Genuity Group reiterated a “buy” rating and issued a $3.00 target price on shares of Pacific Biosciences of California in a research note on Thursday, April 10th. The Goldman Sachs Group lowered their price target on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. Finally, Scotiabank reduced their price objective on Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating for the company in a report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.45.

Pacific Biosciences of California 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.