Here is What Hedge Funds Think About Pacific Biosciences of California (PACB)

Judging by the fact that Pacific Biosciences of California (NASDAQ:PACB) has faced falling interest from the smart money, it’s safe to say that there lies a certain “tier” of hedge funds who were dropping their positions entirely last quarter. Intriguingly, Jim Simons’s Renaissance Technologies dumped the largest stake of all the hedgies watched by Insider Monkey, valued at an estimated $1.8 million in stock. Stuart Weisbrod’s fund, Iguana Healthcare Management, also said goodbye to its stock, about $1.6 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest dropped by 4 funds last quarter.

Let’s now review hedge fund activity in other stocks similar to Pacific Biosciences of California (NASDAQ:PACB). These stocks are Ameresco Inc (NYSE:AMRC), CTC Media, Inc. (NASDAQ:CTCM), Heritage Oaks Bancorp (NASDAQ:HEOP), and Northern Oil & Gas, Inc. (NYSEMKT:NOG). This group of stocks’ market valuations are closest to PACB’s market valuation.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $21 million. That figure was $76 million in PACB’s case. Northern Oil & Gas, Inc. (NYSEMKT:NOG) is the most popular stock in this table, whereas Heritage Oaks Bancorp (NASDAQ:HEOP) is the least popular one. In comparison, Pacific Biosciences of California (NASDAQ:PACB), with 11 bullish hedge fund positions is more popular among hedge funds. This may imply it is a good buying opportunity. Therefore, it may be a good idea to analyze it in detail and potentially include it in your portfolio.