Pacific Biosciences of California, Inc. (NASDAQ:PACB) Stock Rated “Reduce” by Sell-Side Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been assigned an average rating of “Reduce” from the six analysts that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $1.71.

A number of research analysts have recently commented on the company. Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. UBS Group started coverage on Pacific Biosciences of California in a report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 price objective on the stock. Finally, Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $2.33 on Friday. Pacific Biosciences of California has a fifty-two week low of $1.07 and a fifty-two week high of $3.43. The firm’s 50-day simple moving average is $1.54 and its 200 day simple moving average is $1.48. The stock has a market cap of $724.23 million, a PE ratio of -5.42 and a beta of 2.19.

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

Insider Transactions at Pacific Biosciences of California

In other news, insider James R. Gibson II sold 661,815 shares of the firm’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $3.11, for a total transaction of $2,058,244.65. Following the sale, the insider owned 1,083,848 shares in the company, valued at approximately $3,370,767.28. This trade represents a 37.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Van Oene sold 26,911 shares of the stock in a transaction on 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 directly owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. This represents a 0.98% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC bought a new position in shares of Pacific Biosciences of California during the second quarter valued at about $53,000. Squarepoint Ops LLC bought a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at about $70,000. Hsbc Holdings PLC boosted its holdings in Pacific Biosciences of California by 12.8% during the 2nd quarter. Hsbc Holdings PLC now owns 280,306 shares of the biotechnology company’s stock valued at $463,000 after acquiring an additional 31,829 shares during the period. Corient Private Wealth LP purchased a new stake in Pacific Biosciences of California during the 2nd quarter valued at about $30,000. Finally, Bank of America Corp DE bought a new position in Pacific Biosciences of California during the 2nd quarter worth approximately $2,265,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops and sells advanced genetic sequencing technologies. The company’s platform is based on single-molecule, real-time (SMRT) sequencing, which is designed to produce highly accurate, long DNA reads. These reads can help researchers identify genetic variation, assemble genomes, and analyze complex biological systems that may be difficult to study using short-read sequencing methods.

PacBio’s product portfolio includes the Revio and Sequel IIe sequencing systems, SMRT Cells and other consumables, library-preparation products, and software for instrument operation, data analysis, and interpretation.