Pacific Biosciences of California (NASDAQ:PACB) Trading Up 10.1%

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) were up 10.1% on Monday . The company traded as high as $2.03 and last traded at $2.02. Approximately 5,116,811 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 9,845,091 shares. The stock had previously closed at $1.83.

Analysts Set New Price Targets

A number of brokerages recently commented on PACB. Barclays decreased their target price on Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a research report on Monday, April 22nd. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Wednesday, April 17th. TD Cowen dropped their price target on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $2.50 in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Hold” and a consensus price target of $7.77.

Pacific Biosciences of California Price Performance

The firm has a 50 day moving average price of $3.31 and a 200 day moving average price of $6.12. The stock has a market cap of $541.96 million, a P/E ratio of -1.65 and a beta of 1.99. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. The company had revenue of $58.36 million for the quarter, compared to analysts’ expectations of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The firm’s revenue was up 113.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) EPS. On average, analysts forecast that Pacific Biosciences of California, Inc. will post -1 EPS for the current fiscal year.

Insider Activity

In related news, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the transaction, the insider now owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David W. Meline acquired 40,000 shares of Pacific Biosciences of California stock in a transaction dated Wednesday, March 6th. The shares were bought at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at $176,000. The disclosure for this purchase can be found here. Insiders have sold 37,359 shares of company stock worth $218,843 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PACB. Moody Aldrich Partners LLC bought a new position in Pacific Biosciences of California during the fourth quarter valued at approximately $4,103,000. ARK Investment Management LLC grew its holdings in shares of Pacific Biosciences of California by 15.7% in the fourth quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock valued at $338,487,000 after purchasing an additional 4,681,833 shares in the last quarter. Nordea Investment Management AB increased its position in Pacific Biosciences of California by 37.5% in the third quarter. Nordea Investment Management AB now owns 149,131 shares of the biotechnology company’s stock worth $1,255,000 after purchasing an additional 40,667 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in Pacific Biosciences of California by 452.8% during the third quarter. Qube Research & Technologies Ltd now owns 330,331 shares of the biotechnology company’s stock valued at $2,758,000 after purchasing an additional 270,573 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Pacific Biosciences of California by 2,201.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company’s stock valued at $29,838,000 after purchasing an additional 2,909,439 shares during the last quarter.

Pacific Biosciences of California Company Profile

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