Pacific Biosciences of California (NASDAQ:PACB) Shares Climb 6.1% - What's Next?

Key Points

• PACB shares rose 6.1% in mid-day trading to $1.719, although trading volume was 58% below its average.
• Analyst sentiment remains cautious: PACB has an average rating of “Reduce”, with one Buy, three Hold and two Sell ratings; UBS set a $1.35 price target.
• The company’s latest quarterly results fell short of expectations, reporting a $0.14 per-share loss versus the $0.13 estimate and revenue of $39.01 million versus $42.90 million expected.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price was up 6.1% during mid-day trading on Monday. The company traded as high as $1.68 and last traded at $1.7190. Approximately 2,798,059 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 6,597,147 shares. The stock had previously closed at $1.62.

Analyst Ratings Changes

PACB has been the subject of several research analyst reports. 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 raised Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 10th. Finally, UBS Group initiated coverage on shares of Pacific Biosciences of California in a report on Wednesday, September 9th. They issued a "neutral" rating and a $1.35 price target on the stock. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $1.71.

Pacific Biosciences of California Trading Up 8.3%

The firm has a market capitalization of $545.51 million, a price-to-earnings ratio of -4.08 and a beta of 2.31. The stock has a fifty day moving average price of $1.34 and a 200-day moving average price of $1.41.

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). The company had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. On average, equities analysts expect that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Mark Van Oene sold 26,911 shares of the stock in a transaction dated 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 of the company's stock, valued at $3,057,613.89. This represents a 0.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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

A number of large investors have recently modified their holdings of PACB. ProShare Advisors LLC lifted its stake in shares of Pacific Biosciences of California by 10.2% during the fourth quarter. ProShare Advisors LLC now owns 63,799 shares of the biotechnology company's stock valued at $119,000 after acquiring an additional 5,883 shares during the period. AdvisorNet Financial Inc increased its position in Pacific Biosciences of California by 6.2% in the first quarter. AdvisorNet Financial Inc now owns 142,057 shares of the biotechnology company's stock worth $188,000 after purchasing an additional 8,290 shares during the period. Corient Private Wealth LP acquired a new stake in Pacific Biosciences of California in the second quarter worth about $30,000. Outlook Wealth Advisors LLC bought a new stake in Pacific Biosciences of California during the 4th quarter worth about $34,000. Finally, Essential Partners LLC acquired a new position in Pacific Biosciences of California during the 1st quarter valued at about $25,000.

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.

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