Principal Financial Group Inc. Sells 17,601 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Principal Financial Group Inc. lessened its position in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 47.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,165 shares of the biotechnology company’s stock after selling 17,601 shares during the period. Principal Financial Group Inc.’s holdings in Pacific Biosciences of California were worth $33,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PACB. Water Island Capital LLC lifted its stake in Pacific Biosciences of California by 91.1% during the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 9,537 shares during the period. Simplicity Wealth LLC bought a new position in shares of Pacific Biosciences of California in the second quarter worth about $29,000. Impact Partnership Wealth LLC purchased a new stake in shares of Pacific Biosciences of California during the second quarter worth about $37,000. Ballentine Partners LLC bought a new stake in Pacific Biosciences of California in the 3rd quarter valued at $43,000. Finally, Creative Planning boosted its stake in Pacific Biosciences of California by 30.8% during the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 7,629 shares during the last quarter.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.77 on Wednesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The company has a 50 day moving average price of $1.91 and a 200-day moving average price of $1.76. Pacific Biosciences of California, Inc. has a 1-year low of $1.16 and a 1-year high of $10.65. The firm has a market cap of $484.73 million, a price-to-earnings ratio of -1.21 and a beta of 2.01.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Morgan Stanley reduced their price target 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. Canaccord Genuity Group lowered their price objective on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Scotiabank lowered their target price on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday, November 11th. Finally, Piper Sandler increased their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.63.

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.