Pacific Biosciences of California (NASDAQ:PACB) Shares Climb 10.6% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB) was up 10.6% on Tuesday. The stock traded as high as $2.03 and last traded at $2.0350. 5,061,448 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 7,946,363 shares. The stock had previously closed at $1.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PACB shares. UBS Group started coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 target price for the company. Weiss Ratings raised Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 13th. Finally, Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $1.71.

Pacific Biosciences of California Stock Up 9.5%

The firm’s 50 day moving average price is $1.62 and its two-hundred day moving average price is $1.51. The firm has a market capitalization of $626.32 million, a PE ratio of -4.69 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $39.01 million for the quarter, compared to analysts’ expectations of $42.90 million. On average, sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share 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 dated Tuesday, October 6th. The stock was sold at an average price of $3.11, for a total transaction of $2,058,244.65. Following the completion of the sale, the insider directly owned 1,083,848 shares in the company, valued at $3,370,767.28. This trade represents a 37.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Van Oene sold 26,911 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the sale, the insider directly owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. 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. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Pacific Biosciences of California in the second quarter valued at about $54,330,000. Bank of America Corp DE acquired a new stake in Pacific Biosciences of California during the 2nd quarter valued at approximately $2,265,000. Hhlr Advisors LTD. acquired a new stake in Pacific Biosciences of California during the 2nd quarter valued at approximately $1,544,000. Bank of New York Mellon Corp purchased a new stake in Pacific Biosciences of California during the 2nd quarter worth approximately $1,290,000. Finally, Man Group plc purchased a new stake in Pacific Biosciences of California during the 2nd quarter worth approximately $1,004,000.

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.