Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price hit a new 52-week high on Monday. The company traded as high as $2.75 and last traded at $2.7650, with a volume of 7693836 shares. The stock had previously closed at $2.54.
Analyst Ratings Changes
A number of analysts recently issued reports 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 initiated coverage on shares of Pacific Biosciences of California in a research note on Wednesday, September 9th. They issued a "neutral" rating and a $1.35 target price on the stock. Finally, Weiss Ratings downgraded shares of Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 28th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $1.71.
Read Our Latest Stock Report on PACB
Pacific Biosciences of California Stock Performance
The company has a market capitalization of $834.58 million, a PE ratio of -6.27 and a beta of 2.19. The stock's 50 day moving average is $1.42 and its 200 day moving average is $1.44.
Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released 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). 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 during the quarter, compared to analysts' expectations of $42.90 million. On average, equities research analysts forecast that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current fiscal year.
Insider Buying and Selling at Pacific Biosciences of California
In other news, insider Mark Van Oene sold 26,911 shares of Pacific Biosciences of California stock in a transaction 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 completion of the transaction, the insider directly owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 3.70% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $54,330,000. Casdin Capital LLC grew its position in shares of Pacific Biosciences of California by 483.6% during the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company's stock valued at $7,898,000 after purchasing an additional 3,500,000 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Pacific Biosciences of California in the second quarter worth $2,265,000. Hhlr Advisors LTD. bought a new position in shares of Pacific Biosciences of California in the second quarter worth $1,544,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Pacific Biosciences of California in the second quarter worth $1,290,000.
Pacific Biosciences of California Company Profile
(
Get Free Report)
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.
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