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 15.70% to 34.5 million shares with purchase of 4.68 million shares. This fresh investment now brings its stake to 12.90% valued currently at $338.49 million. In addition, The Vanguard Group, Inc. raised its holdings by 4.1 million to 26.79 million shares. And BlackRock Fund Advisors has lifted its position by 2.28% or 0.39 million shares – to 17.58 million shares.
Currently, there are 267.44M common shares owned by the public and among those 256.44M shares have been available to trade.
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Insiders at the company have transacted a total of 21 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 14 occasions, with total insider shares sold totaling 231,517 shares.
The top 3 mutual fund holders in Pacific Biosciences of California Inc are ARK Innovation ETF, ARK Genomic Revolution ETF, and Vanguard Total Stock Market ETF. ARK Innovation ETF owns 19.08 million shares of the company’s stock, all valued at over $187.2 million. The company sold 88384.0 shares recently to bring their total holdings to about 7.14% of the shares outstanding. ARK Genomic Revolution ETF sold 19204.0 shares to see its total holdings shrink to 13.06 million shares valued at over $128.09 million and representing 4.88% of the shares outstanding. Vanguard Total Stock Market ETF bought 1.36 million shares to bring its total holdings to over 8.58 million shares at a value of $84.17 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.21% of the shares outstanding.
The company’s stock has a 5-day price change of 2.53% and -7.53% over the past three months. PACB shares are trading -29.87% year to date (YTD), with the 12-month market performance down to -39.06% 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 6.44 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 -19.06%, -17.70%, and -33.74% respectively.
Institutional ownership of Pacific Biosciences of California Inc (NASDAQ: PACB) shares accounts for 96.98% of the company’s 267.44M shares outstanding. Mutual fund holders own 53.73%, while other institutional holders and individual stakeholders account for 6.18% and 43.34% respectively.
It has a market capitalization of $1.84B and a beta (3y monthly) value of 1.93. 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 5.89% over the week and 7.13% 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 16.27%, and 14.41% 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.
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.
