Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up - Still a Buy?

Key Points

• PACB shares opened higher at $3.02 versus a prior close of $2.87, but later traded near $2.885 amid volume of roughly 9.5 million shares.
• Analyst sentiment remains weak: MarketBeat reports a consensus rating of “Reduce” and an average price target of $1.71, with one Buy, three Hold, and two Sell ratings.
• The company continues to face financial pressure, reporting a quarterly loss of $0.14 per share and revenue of $39.01 million, both slightly below expectations; however, several institutional investors, including BlackRock, recently established positions.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) gapped up before the market opened on Tuesday. The stock had previously closed at $2.87, but opened at $3.02. Pacific Biosciences of California shares last traded at $2.8850, with a volume of 9,501,325 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PACB shares. Weiss Ratings lowered Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 28th. UBS Group began coverage on shares of Pacific Biosciences of California in a research report on Wednesday, September 9th. They set a "neutral" rating and a $1.35 price target for the company. Finally, Wall Street Zen lowered shares of Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $1.71.

Pacific Biosciences of California Price Performance

The company has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $1.45. The firm has a market cap of $856.34 million, a PE ratio of -6.40 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced 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 return on equity of 5,752.12% and a negative net margin of 82.49%.The business had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. On average, sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In related news, insider Mark Van Oene sold 26,911 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 2,705,853 shares of the company's stock, valued at approximately $3,057,613.89. This represents a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 institutional investors have recently added to or reduced their stakes in PACB. BlackRock Inc. acquired a new position in Pacific Biosciences of California during the 2nd quarter worth approximately $54,330,000. Hhlr Advisors LTD. acquired a new stake in Pacific Biosciences of California in the second quarter valued at approximately $1,544,000. Bank of America Corp DE purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at approximately $2,265,000. Bank of New York Mellon Corp purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at approximately $1,290,000. Finally, Man Group plc acquired a new position in shares of Pacific Biosciences of California during the second quarter worth $1,004,000.

Pacific Biosciences of California Company Profile

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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