Pacific Biosciences of California (NASDAQ:PACB) Stock: Insider James Gibson II Sells 661,815 Shares

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider James Gibson II sold 661,815 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 1,083,848 shares of the company’s stock, valued at approximately $3,370,767.28. This trade represents a 37.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB traded down $0.42 during trading on Thursday, reaching $2.30. 24,113,662 shares of the company were exchanged, compared to its average volume of 7,860,303. The business’s fifty day simple moving average is $1.50 and its 200-day simple moving average is $1.47. Pacific Biosciences of California, Inc. has a 12-month low of $1.07 and a 12-month high of $3.43. The firm has a market capitalization of $714.91 million, a PE ratio of -5.35 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results 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 net margin of 82.49% and a negative return on equity of 5,752.12%. The firm had revenue of $39.01 million during 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 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PACB. Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, September 28th. UBS Group assumed coverage on shares of Pacific Biosciences of California in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 price target for the company. Finally, Wall Street Zen lowered shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One investment 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 data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $1.71.

Institutional Trading of Pacific Biosciences of California

Institutional investors have recently made changes to their positions in the business. Corient Private Wealth LP acquired a new position in Pacific Biosciences of California during the 2nd quarter valued at about $30,000. Outlook Wealth Advisors LLC purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter worth about $34,000. Essential Partners LLC acquired a new position in shares of Pacific Biosciences of California during the first quarter valued at about $25,000. Pinegrove Venture Partners LLC purchased a new position in shares of Pacific Biosciences of California in the 2nd quarter valued at approximately $34,584. Finally, Legal & General Group Plc acquired a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $46,000.

About Pacific Biosciences of California

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.