ARK Investment Management LLC has recently announced that it has increased stake in Pacific Biosciences of California Inc. (NASDAQ:PACB) by 2.31%. After grabbing 28.69 million shares, the institutional investor is now in possession of 0.65 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 12.76% having worth around $242.16 million. Moreover, Nikko Asset Management Americas, increased its share by 46477.0 to have a control over 14.39 million shares. And T. Rowe Price Investment Manageme raised its holdings to 7.57 million shares by acquiring 7.57 million shares or 3.37% of the stake.
Pacific Biosciences of California Inc. (PACB) concluded trading on 11/23/22 at a closing price of $10.35, with 3.12 million shares of worth about $32.31 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 92.74% during that period and on Wednesday the price saw a loss of about -2.54%. Currently the company’s common shares owned by public are about 225.12M shares, out of which, 206.38M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the PACB stock and their offered price forecasts bring an average price target of $12.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $14.00 and could fall to a lowest price of $10.00. The stock’s current price level is 16.06% above of average price target set by the analysts, while a rise to estimated low would result in loss of -3.5% for the stock. However, touching the estimated high of $14.00 would mean a gain of 26.07% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 18 times over the past 12 months. They bought 952,500 shares in 9 of the transactions. In 9 selling transactions, insiders dumped 5,023,909 shares.
ARK Innovation ETF, ARK Genomic Revolution ETF, and American Funds Small Cap World Fu are the top 3 mutual funds which are holding stakes in Pacific Biosciences of California Inc. ARK Innovation ETF is currently holding 14.12 million shares of worth totaling $119.21 million. The company recently came selling -0.18 million shares which brought its stake up to 6.28% of the company’s outstanding shares. ARK Genomic Revolution ETF sold 58653.0 shares, after which its hold over company’s outstanding shares shrunk to 5.20%, leaving 11.68 million shares with the mutual fund that have a worth of about $98.58 million. American Funds Small Cap World Fu, after selling 10.23 million shares, have now control over 4.55% of the stake in the company. It holds -3.03 million shares of worth $86.31 million.
Pacific Biosciences of California Inc. (NASDAQ: PACB) started trading at $10.65, above $0.03 from concluding price of the previous day. However, the stock later moved at a day high price of 10.73, or with a loss of -2.54%. Stock saw a price change of -5.57% in past 5 days and over the past one month there was a price change of 25.76%. Year-to-date (YTD), PACB shares are showing a performance of -49.41% which decreased to -54.74% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $3.85 but also hit the highest price of $23.87 during that period. The average intraday trading volume for Pacific Biosciences of California Inc. shares is 6.12 million. The stock is currently trading 10.48% above its 20-day simple moving average (SMA20), while that difference is up 38.32% for SMA50 and it goes to 44.14% higher than SMA200.
ARK Investment Management LLC acquired 28.69 million shares of Pacific Biosciences of California Inc. having value of about $242.16 million. Data submitted at the U.S SEC by ARK Investment Management LLC revealed that the firm now holds 0.65 million shares in the company valued at close to $6696077.4, or have control over 2.31% stake in the company. Pacific Biosciences of California Inc. (NASDAQ: PACB) currently have 225.12M outstanding shares and institutions hold larger chunk of about 89.00% of that. Holding of mutual funds in the company is about 53.61% while other institutional holders and individual stake holders have control over 6.77% and 34.06% of the stake respectively.
The stock has a current market capitalization of $2.34B and its 3Y-monthly beta is at 1.48. It has posted earnings per share of -$1.34 in the same period. It has Quick Ratio of 10.70 while making debt-to-equity ratio of 1.43. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PACB, volatility over the week remained 6.94% while standing at 11.46% over the month.
Analysts are in expectations that Pacific Biosciences of California Inc. (PACB) stock would likely to be making an EPS of -$0.33 in the current quarter, while forecast for next quarter EPS is -$0.34 and it is -$1.34 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.36 which is -$0.31 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.08 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -628.30% while it is estimated to increase by 2.90% in next year. EPS is likely to grow at an annualized rate of -1.00% for next 5-years, compared to annual growth of -1.30% made by the stock over the past 5-years.
Analysts at 6 brokerage firms have issued recommendations for the Pacific Biosciences of California Inc. (PACB)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.30. Out of those 6 Wall Street analysts, 3 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Cantor Fitzgerald on January 21, 2022 offering an Overweight rating for the stock and assigned a target price range of between $62 and $31 to it. Coverage by Piper Sandler stated Pacific Biosciences of California Inc. (PACB) stock as a Neutral in their note to investors on January 06, 2022, suggesting a price target of $20 for the stock. On October 15, 2021, Cowen Resumed their recommendations, while on September 27, 2021, Canaccord Genuity Initiated their ratings for the stock with a price target of $45. Stock get an Overweight rating from Piper Sandler on February 11, 2021.