Pacific Biosciences of California (NASDAQ:PACB) Stock Jumps 6.1% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) rose 6.1% on Monday. The stock traded as high as $1.68 and last traded at $1.7190. Approximately 2,798,059 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 6,597,147 shares. The stock had previously closed at $1.62.

Analyst Upgrades and Downgrades

A number of research firms have commented on PACB. 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. Weiss Ratings raised Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 10th. Finally, UBS Group initiated coverage on Pacific Biosciences of California in a research report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 target price for the company. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $1.71.

Pacific Biosciences of California Stock Performance

The stock has a fifty day simple moving average of $1.34 and a 200-day simple moving average of $1.41. The stock has a market cap of $545.51 million, a P/E ratio of -4.08 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%. On average, research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current 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 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 completion of the sale, the insider owned 2,705,853 shares of the company’s stock, valued at approximately $3,057,613.89. The trade was a 0.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.70% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several hedge funds and other institutional investors have recently bought and sold shares of PACB. ProShare Advisors LLC increased its holdings 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 worth $119,000 after purchasing an additional 5,883 shares during the period. AdvisorNet Financial Inc raised its holdings in Pacific Biosciences of California by 6.2% in the 1st quarter. AdvisorNet Financial Inc now owns 142,057 shares of the biotechnology company’s stock valued at $188,000 after acquiring an additional 8,290 shares in the last quarter. Corient Private Wealth LP bought a new stake in shares of Pacific Biosciences of California during the 2nd quarter valued at $30,000. Outlook Wealth Advisors LLC bought a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at $34,000. Finally, Essential Partners LLC acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter worth $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.