Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up to $1.76

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $1.76, but opened at $1.87. Pacific Biosciences of California shares last traded at $1.90, with a volume of 3,423,121 shares trading hands.

Analyst Ratings Changes

PACB has been the subject of several research reports. Barclays dropped their target price on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an "equal weight" rating for the company in a report on Wednesday, April 10th. JPMorgan Chase & Co. downgraded Pacific Biosciences of California from an "overweight" rating to a "neutral" rating in a research report on Monday, April 22nd. Scotiabank reduced their price target on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 18th. The Goldman Sachs Group cut shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $7.00 to $2.50 in a report on Thursday, April 18th. Finally, TD Cowen reduced their target price on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a "buy" rating on the stock in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of "Hold" and an average price target of $7.77.

Pacific Biosciences of California Price Performance

The company has a 50-day moving average of $3.37 and a 200-day moving average of $6.18. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. The stock has a market cap of $498.38 million, a price-to-earnings ratio of -1.51 and a beta of 1.99.

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

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 33,560 shares of the company's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now directly owns 876,611 shares of the company's stock, valued at approximately $5,224,601.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 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 purchased at an average cost of $4.40 per share, with a total value of $176,000.00. Following the completion of the acquisition, the director now owns 40,000 shares in the company, valued at approximately $176,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Oene Mark Van sold 33,560 shares of the company's stock in a transaction on Friday, February 16th. The shares were 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 directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,359 shares of company stock worth $218,843. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Large investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. purchased a new stake in Pacific Biosciences of California in the 3rd quarter valued at approximately $105,000. Bank of New York Mellon Corp increased its position in Pacific Biosciences of California by 133.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,402,799 shares of the biotechnology company's stock worth $36,763,000 after purchasing an additional 2,514,656 shares in the last quarter. AtonRa Partners raised its stake in Pacific Biosciences of California by 4.0% in the 3rd quarter. AtonRa Partners now owns 65,082 shares of the biotechnology company's stock valued at $543,000 after purchasing an additional 2,504 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pacific Biosciences of California by 6.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,886 shares of the biotechnology company's stock valued at $492,000 after purchasing an additional 3,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Pacific Biosciences of California by 3.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,434,560 shares of the biotechnology company's stock worth $11,979,000 after buying an additional 41,970 shares in the last quarter.

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.

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