Pacific Biosciences of California (NASDAQ:PACB) Shares Break Below 50 Day Moving Average - What's Next?

Key Points

• PACB fell below its 50-day moving average, touching $1.80 before trading at $1.97; trading volume was about 10.3 million shares.
• Analyst sentiment is cautious: the consensus rating is “Reduce” with a $2.57 price target, despite mixed target changes from individual firms.
• The company beat quarterly earnings and revenue estimates, reporting a loss of $0.11 per share on $40.56 million in revenue. Insiders also reported share sales, including one sale of 661,815 shares.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $1.99 and traded as low as $1.80. Pacific Biosciences of California shares last traded at $1.97, with a volume of 10,334,260 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PACB shares. Piper Sandler restated a "neutral" rating and issued a $3.00 price target (up from $2.00) on shares of Pacific Biosciences of California in a report on Thursday, November 5th. Weiss Ratings upgraded shares of Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 13th. Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research note on Saturday, November 7th. UBS Group decreased their target price on Pacific Biosciences of California from $3.05 to $2.70 and set a "neutral" rating on the stock in a research report on Monday. Finally, Barclays increased their target price on Pacific Biosciences of California from $1.25 to $2.00 and gave the company an "underweight" rating in a report on Thursday, November 5th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $2.57.

Pacific Biosciences of California Stock Performance

The firm has a market cap of $616.47 million, a price-to-earnings ratio of -4.69 and a beta of 2.21. The company has a 50 day moving average price of $1.99 and a 200 day moving average price of $1.61.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. Pacific Biosciences of California had a negative net margin of 81.31% and a negative return on equity of 5,752.12%. The business had revenue of $40.56 million during the quarter, compared to analyst estimates of $39.31 million. On average, research analysts forecast that Pacific Biosciences of California, Inc. will post -0.51 earnings per share for the current year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider James Gibson, II sold 661,815 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 1,083,848 shares of the company's stock, valued at approximately $3,370,767.28. This represents a 37.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $1.13, for a total transaction of $30,409.43. Following the completion of the sale, the insider owned 2,705,853 shares of the company's stock, valued at $3,057,613.89. This trade represents a 0.98% decrease in their position. 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. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Pacific Biosciences of California in the second quarter valued at about $54,330,000. Bank of America Corp DE acquired a new stake in Pacific Biosciences of California in the 2nd quarter valued at approximately $2,265,000. Hhlr Advisors LTD. bought a new stake in shares of Pacific Biosciences of California during the 2nd quarter worth about $1,544,000. Bank of New York Mellon Corp bought a new stake in shares of Pacific Biosciences of California in the 2nd quarter worth $1,290,000. Finally, Man Group plc acquired a new stake in Pacific Biosciences of California during the second quarter valued at approximately $1,004,000.

About Pacific Biosciences of California

Pacific Biosciences of California, or PacBio, develops and sells DNA sequencing systems and related products for life science research and clinical applications. The company is known for its single-molecule real-time (SMRT) sequencing technology, which produces long reads that can help researchers study complex regions of the genome and identify genetic variations. Its portfolio includes HiFi sequencing systems such as the Revio and Vega platforms, along with instruments, consumables, software and services used to prepare, sequence and analyze genetic samples.

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