Pacific Biosciences of California (NASDAQ:PACB) Sees Strong Trading Volume - What's Next?

Key Points

• PACB trading volume surged 68% to approximately 11.34 million shares, while the stock rose 27% to $2.165 from its prior close of $1.83.
• Analyst sentiment remains cautious: the consensus rating is “Reduce,” with one Buy, three Holds, and two Sells, and a consensus price target of $1.71. UBS recently initiated coverage with a Neutral rating and a $1.35 target.
• PacBio reported weaker-than-expected quarterly results, including an EPS loss of $0.14 versus a $0.13 expected loss and revenue of $39.01 million versus $42.90 million expected; analysts forecast a full-year loss of $0.52 per share.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) shares saw unusually-strong trading volume on Wednesday. Approximately 11,341,216 shares changed hands during mid-day trading, an increase of 68% from the previous session's volume of 6,738,145 shares. The stock last traded at $2.1650 and had previously closed at $1.83.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PACB. 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 lowered Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday. Finally, UBS Group started coverage on Pacific Biosciences of California in a report on Wednesday, September 9th. They issued a "neutral" rating and a $1.35 target price on the stock. One research 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. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $1.71.

Pacific Biosciences of California Trading Up 27.0%

The stock's 50-day moving average is $1.36 and its 200-day moving average is $1.41. The stock has a market cap of $722.68 million, a price-to-earnings ratio of -5.36 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $42.90 million. On average, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In related news, insider Mark Van Oene sold 26,911 shares of Pacific Biosciences of California stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1.13, for a total transaction of $30,409.43. Following the transaction, the insider owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. The trade was a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 3.70% of the company's stock.

Institutional Trading of Pacific Biosciences of California

Several large investors have recently added to or reduced their stakes in PACB. Corient Private Wealth LP acquired a new position in shares of Pacific Biosciences of California during the second quarter worth about $30,000. Outlook Wealth Advisors LLC acquired a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at about $34,000. Essential Partners LLC purchased a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at about $25,000. Pinegrove Venture Partners LLC purchased a new stake in shares of Pacific Biosciences of California during the 2nd quarter valued at about $34,584. Finally, Legal & General Group Plc purchased a new stake in shares of Pacific Biosciences of California during the 2nd quarter valued at about $46,000.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc NASDAQ: PACB develops and commercializes life-science technologies for DNA sequencing. The company is best known for its Single Molecule, Real-Time (SMRT) sequencing platform, which produces highly accurate, long-read sequencing data used to study genomes, transcriptomes and other biological systems.

PacBio's product portfolio includes the Revio and Sequel IIe long-read sequencing systems, associated consumables and sample-preparation solutions, and software for data analysis and interpretation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.