Pacific Biosciences of California (NASDAQ:PACB) Sees Unusually-High Trading Volume - Here's Why

Key Points

• PACB trading volume surged 29% above average to approximately 10.4 million shares, while the stock rose to $2.965 from a prior close of $2.45.
• Analyst sentiment remains cautious: the stock has an average rating of “Reduce” and a consensus price target of $1.71, well below its latest trading price.
• The company recently missed quarterly expectations, reporting a $0.14 per-share loss and $39.01 million in revenue versus estimates of $0.13 per-share loss and $42.90 million in revenue; an insider also sold 661,815 shares under a pre-arranged trading plan.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) saw strong trading volume on Wednesday. Approximately 10,411,181 shares were traded during trading, an increase of 29% from the average daily volume of 8,047,618 shares. The stock last traded at $2.9650 and had previously closed at $2.45.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings upgraded Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 13th. UBS Group started coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They set a "neutral" rating and a $1.35 price objective on the stock. Finally, Wall Street Zen lowered shares of Pacific Biosciences of California from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $1.71.

Pacific Biosciences of California Price Performance

The company has a market cap of $946.48 million, a P/E ratio of -7.10 and a beta of 2.19. The stock's 50-day moving average is $1.74 and its two-hundred day moving average is $1.60.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its 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 firm had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. On average, analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current year.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider James Gibson, II sold 661,815 shares of the company's 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 completion of the transaction, the insider directly owned 1,083,848 shares in the company, valued at $3,370,767.28. This represents a 37.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Van Oene sold 26,911 shares of the firm's 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 sale, the insider owned 2,705,853 shares in the company, valued at $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds have recently modified their holdings of the stock. Hhlr Advisors LTD. purchased a new stake in shares of Pacific Biosciences of California in the second quarter valued at $1,544,000. BlackRock Inc. bought a new position in Pacific Biosciences of California in the 2nd quarter valued at $54,330,000. Bank of America Corp DE bought a new stake in shares of Pacific Biosciences of California during the second quarter worth $2,265,000. Bank of New York Mellon Corp bought a new stake in shares of Pacific Biosciences of California during the second quarter worth $1,290,000. Finally, Man Group plc purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $1,004,000.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc NASDAQ: PACB is a life sciences technology company that develops and supplies DNA sequencing systems, consumables and related software. The company is best known for its single-molecule, real-time (SMRT) sequencing technology, which produces highly accurate long-read data used to analyze complex genomes, structural variation, genetic disease and other biological information.

PacBio's product portfolio includes the Revio long-read sequencing system, the Sequel II and Sequel IIe platforms, sequencing consumables and the associated data-analysis software.

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