Pacific Biosciences of California (NASDAQ:PACB) Insider Christian Henry Sells 12,497 Shares

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Christian Henry sold 12,497 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $1.51, for a total transaction of $18,870.47. Following the sale, the insider directly owned 3,581,813 shares of the company’s stock, valued at $5,408,537.63. This represents a 0.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Pacific Biosciences of California Trading Down 3.2%

Shares of PACB traded down $0.05 during trading hours on Thursday, hitting $1.51. 2,537,884 shares of the stock were exchanged, compared to its average volume of 7,547,861. Pacific Biosciences of California, Inc. has a fifty-two week low of $0.85 and a fifty-two week high of $2.73. The business has a 50-day moving average of $1.96 and a 200-day moving average of $1.80. The firm has a market capitalization of $456.02 million, a P/E ratio of -0.82 and a beta of 2.31. The company has a debt-to-equity ratio of 120.65, a current ratio of 5.15 and a quick ratio of 4.47.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.07. The firm had revenue of $44.65 million during the quarter, compared to the consensus estimate of $44.60 million. Pacific Biosciences of California had a negative return on equity of 326.43% and a negative net margin of 341.47%. On average, research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PACB. Vestmark Advisory Solutions Inc. raised its position in Pacific Biosciences of California by 89.9% in the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 1,294,186 shares of the biotechnology company’s stock valued at $1,605,000 after buying an additional 612,760 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Pacific Biosciences of California by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after acquiring an additional 401,637 shares in the last quarter. Creative Planning raised its holdings in shares of Pacific Biosciences of California by 245.9% in the second quarter. Creative Planning now owns 175,690 shares of the biotechnology company’s stock valued at $218,000 after purchasing an additional 124,893 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Pacific Biosciences of California by 10.1% during the second quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 9,617 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of Pacific Biosciences of California by 73.0% during the second quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 15,062 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Stephens lifted their price objective on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Zacks Research upgraded shares of Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 19th. Piper Sandler raised their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Barclays upped their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Moderate Buy” and a consensus target price of $2.20.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.