Pacific Biosciences of California (NASDAQ:PACB) Shares Up 6.3%

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price shot up 6.3% during mid-day trading on Tuesday . The company traded as high as $37.40 and last traded at $36.69. 157,135 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 4,981,193 shares. The stock had previously closed at $34.53.

A number of brokerages recently issued reports on PACB. Cantor Fitzgerald upped their price objective on shares of Pacific Biosciences of California from $45.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 11th. TheStreet upgraded shares of Pacific Biosciences of California from a “d” rating to a “c” rating in a report on Friday, March 19th. Piper Sandler upgraded shares of Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and upped their price target for the company from $20.00 to $52.00 in a report on Thursday, February 11th. Finally, Morgan Stanley upped their price target on shares of Pacific Biosciences of California from $12.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, February 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $35.60.

The company’s 50 day moving average is $33.87 and its two-hundred day moving average is $25.26. The firm has a market cap of $6.29 billion, a P/E ratio of -116.25 and a beta of 1.32.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Tuesday, February 9th. The biotechnology company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.06). Pacific Biosciences of California had a negative net margin of 57.25% and a negative return on equity of 101.30%. The company had revenue of $27.10 million during the quarter, compared to the consensus estimate of $25.54 million. The company’s revenue was up 41.9% compared to the same quarter last year.

In related news, Director Lucy Shapiro sold 101,666 shares of the stock in a transaction dated Friday, February 12th. The shares were sold at an average price of $50.40, for a total value of $5,123,966.40. Following the completion of the transaction, the director now owns 35,000 shares of the company’s stock, valued at $1,764,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Hunkapiller sold 339,377 shares of the stock in a transaction dated Thursday, February 25th. The stock was sold at an average price of $32.33, for a total transaction of $10,972,058.41. Following the completion of the transaction, the director now directly owns 884,132 shares of the company’s stock, valued at approximately $28,583,987.56. The disclosure for this sale can be found here. Insiders sold 1,859,619 shares of company stock valued at $72,227,467 in the last three months. Company insiders own 11.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of PACB. Wells Fargo & Company MN increased its holdings in shares of Pacific Biosciences of California by 12.4% during the third quarter. Wells Fargo & Company MN now owns 138,375 shares of the biotechnology company’s stock worth $1,366,000 after buying an additional 15,314 shares in the last quarter. LPL Financial LLC grew its stake in shares of Pacific Biosciences of California by 15.7% during the third quarter. LPL Financial LLC now owns 22,710 shares of the biotechnology company’s stock valued at $224,000 after purchasing an additional 3,085 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Pacific Biosciences of California by 9.6% during the third quarter. Victory Capital Management Inc. now owns 26,399 shares of the biotechnology company’s stock valued at $261,000 after purchasing an additional 2,308 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Pacific Biosciences of California by 27.1% during the third quarter. JPMorgan Chase & Co. now owns 62,199 shares of the biotechnology company’s stock valued at $610,000 after purchasing an additional 13,259 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Pacific Biosciences of California by 4.9% during the third quarter. UBS Asset Management Americas Inc. now owns 124,083 shares of the biotechnology company’s stock valued at $1,225,000 after purchasing an additional 5,813 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. Its single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. The company also provides consumable products, including SMRT cells, as well as various reagent kits designed for specific workflow such as template preparation to convert DNA into SMRTbell double-stranded DNA library formats including molecular biology reagents, such as ligase, buffers and exonucleases.

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