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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider James Gibson II sold 661,815 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $3.11, for a total value of $2,058,244.65. Following the transaction, the insider directly owned 1,083,848 shares of the company’s stock, valued at approximately $3,370,767.28. The trade was a 37.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Pacific Biosciences of California Stock Performance

PACB stock opened at $2.30 on Friday. The firm has a fifty day moving average price of $1.52 and a 200 day moving average price of $1.47. Pacific Biosciences of California, Inc. has a fifty-two week low of $1.07 and a fifty-two week high of $3.43. The firm has a market cap of $714.91 million, a PE ratio of -5.35 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last released 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 business had revenue of $39.01 million for the quarter, compared to analysts’ expectations of $42.90 million. On average, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. UBS Group started coverage on Pacific Biosciences of California in a research report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 price objective on the stock. Finally, Weiss Ratings lowered Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $1.71.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Pacific Biosciences of California during the 2nd quarter valued at about $54,330,000. Casdin Capital LLC lifted its stake in Pacific Biosciences of California by 483.6% in the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock worth $7,898,000 after purchasing an additional 3,500,000 shares during the last quarter. Bank of America Corp DE bought a new stake in Pacific Biosciences of California in the second quarter worth about $2,265,000. Hhlr Advisors LTD. purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at approximately $1,544,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at approximately $1,290,000.

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.