ARK Investment Management LLC recently announced the acquisition of new stake in Pacific Biosciences of California Inc (NASDAQ:PACB). The institutional investor has increased its shareholding in the Healthcare company by 11.97% to 29.82 million shares with purchase of 3.19 million shares. This fresh investment now brings its stake to 11.15% valued currently at $252.89 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.14 million to 22.69 million shares. And BlackRock Fund Advisors has lifted its position by 2.28% or 0.39 million shares – to 17.58 million shares.
With over 21.57 million Pacific Biosciences of California Inc (PACB) shares trading Monday and a closing price of $7.66 on the day, the dollar volume was approximately $165.24 million. The shares have shown a negative half year performance of -43.26% and its price on 01/08/24 lost nearly -18.51%. Currently, there are 267.44M common shares owned by the public and among those 256.41M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for PACB have a consensus price objective of $12.27. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $8.00. The average price target is 37.57% above its recent price level and an upside to the estimated low will see the stock gain 4.25% over that period. But an upside of 59.68% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 22 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 1,353,687 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 258,239 shares.
The top 3 mutual fund holders in Pacific Biosciences of California Inc are ARK Innovation ETF, ARK Genomic Revolution ETF, and Nikko AM Global Umbrella Fund – A. ARK Innovation ETF owns 18.87 million shares of the company’s stock, all valued at over $160.04 million. The company sold -0.14 million shares recently to bring their total holdings to about 7.06% of the shares outstanding. Nikko AM Global Umbrella Fund – A sold -0.31 million shares to bring its total holdings to over 7.51 million shares at a value of $63.73 million. Nikko AM Global Umbrella Fund – A now owns shares totaling to 2.81% of the shares outstanding.
Shares of Pacific Biosciences of California Inc (NASDAQ: PACB) opened at $8.546, down -$0.85 from a prior closing price of $9.40. However, the script later moved the day high at 8.55, down -18.51%. The company’s stock has a 5-day price change of -21.92% and -5.78% over the past three months. PACB shares are trading -21.92% year to date (YTD), with the 12-month market performance down to -10.20% lower. It has a 12-month low price of $5.74 and touched a high of $14.55 over the same period. PACB has an average intraday trading volume of 5.18 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -18.78%, -7.99%, and -27.15% respectively.
Institutional ownership of Pacific Biosciences of California Inc (NASDAQ: PACB) shares accounts for 92.66% of the company’s 267.44M shares outstanding. Mutual fund holders own 51.31%, while other institutional holders and individual stakeholders account for 6.20% and 41.56% respectively.
It has a market capitalization of $2.05B and a beta (3y monthly) value of 1.94. The earnings-per-share (ttm) stands at -$1.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.47% over the week and 7.06% over the month.
Analysts forecast that Pacific Biosciences of California Inc (PACB) will achieve an EPS of -$0.28 for the current quarter, -$0.27 for the next quarter and -$1 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.33 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was -$0.37 a year ago. Earnings per share for the fiscal year are expected to increase by 16.20%, and 14.89% over the next financial year. EPS should grow at an annualized rate of -1.00% over the next five years, compared to -9.97% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Pacific Biosciences of California Inc (PACB) as a “Strong Buy” at a consensus score of 1.73. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 5 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PACB, a number of firms have released research notes about the stock. Stephens stated their Overweight rating for the stock in a research note on December 14, 2023, with the firm’s price target at $11.
