Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up to $1.93

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.93, but opened at $2.07. Pacific Biosciences of California shares last traded at $2.40, with a volume of 6,420,721 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Piper Sandler decreased their price objective on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a "neutral" rating on the stock in a report on Monday. Scotiabank cut their target price 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 downgraded shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and cut their target price for the company from $7.00 to $2.50 in a research report on Thursday, April 18th. Barclays cut their target price on shares of Pacific Biosciences of California from $3.00 to $2.00 and set an "equal weight" rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an "overweight" rating to a "neutral" rating in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California presently has an average rating of "Hold" and a consensus target price of $7.14.

Pacific Biosciences of California Stock Performance

The company has a debt-to-equity ratio of 1.38, a current ratio of 9.28 and a quick ratio of 8.36. The stock's 50 day simple moving average is $2.89 and its two-hundred day simple moving average is $5.89. The stock has a market cap of $607.36 million, a P/E ratio of -2.15 and a beta of 1.99.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.26). Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. The firm had revenue of $38.81 million for the quarter, compared to analyst estimates of $38.78 million. As a group, research analysts forecast that Pacific Biosciences of California, Inc. will post -1 EPS for the current year.

Insider Activity

In other Pacific Biosciences of California news, Director David W. Meline acquired 40,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the acquisition, the director now directly owns 40,000 shares of the company's stock, valued at $176,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David W. Meline bought 40,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the acquisition, the director now owns 40,000 shares in the company, valued at $176,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Oene Mark Van sold 33,560 shares of the business's stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The disclosure for this sale can be found here. Insiders have sold 37,359 shares of company stock worth $218,843 over the last ninety days. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors have recently added to or reduced their stakes in PACB. Headlands Technologies LLC acquired a new position in Pacific Biosciences of California during the first quarter worth $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pacific Biosciences of California in the first quarter valued at $38,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Pacific Biosciences of California in the third quarter valued at $59,000. SG Americas Securities LLC acquired a new position in shares of Pacific Biosciences of California in the first quarter valued at $80,000. Finally, Private Wealth Partners LLC acquired a new position in shares of Pacific Biosciences of California in the fourth quarter valued at $98,000.

Pacific Biosciences of California Company Profile

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.