Pacific Biosciences of California, Inc. (NASDAQ:PACB) Shares Sold by Bourne Lent Asset Management Inc.

Bourne Lent Asset Management Inc. decreased its position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 1.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 943,755 shares of the biotechnology company’s stock after selling 10,840 shares during the period. Pacific Biosciences of California accounts for about 0.7% of Bourne Lent Asset Management Inc.’s holdings, making the stock its 26th largest position. Bourne Lent Asset Management Inc.’s holdings in Pacific Biosciences of California were worth $1,727,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PACB. Rhumbline Advisers lifted its stake in Pacific Biosciences of California by 13.4% during the 2nd quarter. Rhumbline Advisers now owns 436,868 shares of the biotechnology company’s stock worth $598,000 after acquiring an additional 51,727 shares in the last quarter. Federated Hermes Inc. purchased a new stake in Pacific Biosciences of California during the 2nd quarter worth about $612,000. Hsbc Holdings PLC increased its holdings in Pacific Biosciences of California by 71.2% during the 2nd quarter. Hsbc Holdings PLC now owns 79,122 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 32,899 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in Pacific Biosciences of California by 5,755.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 141,830 shares of the biotechnology company’s stock worth $194,000 after purchasing an additional 139,408 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Pacific Biosciences of California during the 2nd quarter worth about $93,000.

Insider Buying and Selling

In related news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the transaction, the insider now owns 1,597,454 shares in the company, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.

Pacific Biosciences of California Trading Up 3.7 %

NASDAQ:PACB opened at $1.70 on Wednesday. The stock’s 50 day moving average price is $1.90 and its 200 day moving average price is $1.82. The company has a market capitalization of $465.56 million, a PE ratio of -1.16 and a beta of 1.95. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California, Inc. has a 52-week low of $1.16 and a 52-week high of $7.50.

Analyst Ratings Changes

PACB has been the topic of several recent research reports. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Thursday, January 9th. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a report on Monday, November 11th. Scotiabank cut 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 report on Monday, November 11th. Finally, Piper Sandler increased their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. One 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 company’s stock. Based on data from MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Hold” and a consensus price target of $2.95.

About Pacific Biosciences of California

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.