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

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PACB. Barclays lowered their target price on Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. The Goldman Sachs Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and cut their target price for the company from $7.00 to $2.50 in a research note on Thursday, April 18th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Wednesday, April 17th. TD Cowen cut their price objective on Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Finally, Scotiabank decreased their target price on Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating on the stock in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.77.

Pacific Biosciences of California Stock Performance

The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27. The firm’s fifty day moving average price is $3.31 and its 200 day moving average price is $6.12. The firm has a market capitalization of $541.96 million, a PE ratio of -1.65 and a beta of 1.99.

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

Insider Activity at Pacific Biosciences of California

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PACB. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Pacific Biosciences of California during the first quarter valued at about $38,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Pacific Biosciences of California in the 3rd quarter valued at approximately $59,000. Private Wealth Partners LLC bought a new position in Pacific Biosciences of California in the 4th quarter worth approximately $98,000. First Trust Direct Indexing L.P. acquired a new position in shares of Pacific Biosciences of California during the first quarter worth approximately $98,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Pacific Biosciences of California in the third quarter valued at approximately $105,000.

About Pacific Biosciences of California

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.