Insider Selling: Pacific Biosciences of California (NASDAQ:PACB) Insider Sells $30,409.43 in Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Oene Mark Van sold 26,911 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the transaction, the insider directly owned 2,705,853 shares of the company’s stock, valued at approximately $3,057,613.89. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Pacific Biosciences of California Stock Down 5.8%

Shares of Pacific Biosciences of California stock traded down $0.07 during trading on Tuesday, reaching $1.14. The company’s stock had a trading volume of 4,817,659 shares, compared to its average volume of 7,498,752. Pacific Biosciences of California, Inc. has a 12-month low of $1.07 and a 12-month high of $2.73. The company has a market capitalization of $354.35 million, a P/E ratio of -2.65 and a beta of 2.31. The business has a 50 day moving average price of $1.41 and a 200-day moving average price of $1.48.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%. Research analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds have recently added to or reduced their stakes in PACB. Essential Partners LLC acquired a new position in Pacific Biosciences of California during the first quarter worth about $25,000. Zacks Investment Management acquired a new stake in shares of Pacific Biosciences of California in the third quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California during the 3rd quarter worth about $29,000. Finally, Corient Private Wealth LP acquired a new position in Pacific Biosciences of California in the 2nd quarter valued at about $30,000.

Analysts Set New Price Targets

PACB has been the subject of several recent analyst reports. Wall Street Zen cut shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Barclays lifted their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Reduce” and an average price target of $1.83.

About Pacific Biosciences of California

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.