Pacific Biosciences of California (NASDAQ:PACB) Insider Sells $30,409.43 in Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Oene Mark Van sold 26,911 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider owned 2,705,853 shares in the company, valued at $3,057,613.89. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Pacific Biosciences of California Stock Performance

PACB stock opened at $1.23 on Friday. The stock has a market cap of $382.32 million, a P/E ratio of -2.86 and a beta of 2.31. The firm has a 50 day simple moving average of $1.41 and a 200 day simple moving average of $1.46. Pacific Biosciences of California, Inc. has a 52 week low of $1.07 and a 52 week high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. The company had revenue of $39.01 million for the quarter, compared to analysts’ expectations of $42.90 million. Sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PACB shares. Wall Street Zen downgraded shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings raised Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, Barclays boosted their target price on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $1.83.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Essential Partners LLC bought a new stake in Pacific Biosciences of California in the first quarter worth approximately $25,000. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California during the 3rd quarter valued at $25,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Pacific Biosciences of California in the 3rd quarter valued at $29,000. Finally, Corient Private Wealth LP bought a new stake in Pacific Biosciences of California in the second quarter worth $30,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.