William W. Ericson Sells 7,541 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) Director William W. Ericson sold 7,541 shares of Pacific Biosciences of California stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $8.90, for a total value of $67,114.90. Following the completion of the transaction, the director now owns 18,795 shares of the company’s stock, valued at approximately $167,275.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Pacific Biosciences of California Stock Down 6.1 %

NASDAQ:PACB opened at $8.30 on Friday. Pacific Biosciences of California, Inc. has a 1 year low of $3.85 and a 1 year high of $14.20. The company has a debt-to-equity ratio of 1.59, a current ratio of 3.24 and a quick ratio of 3.04. The stock has a 50-day moving average price of $10.20 and a two-hundred day moving average price of $8.72.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last posted its earnings results on Thursday, February 16th. The biotechnology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Pacific Biosciences of California had a negative net margin of 244.93% and a negative return on equity of 47.73%. The business had revenue of $27.35 million during the quarter, compared to analyst estimates of $27.29 million. During the same period in the previous year, the firm posted ($0.30) earnings per share. The firm’s revenue was down 24.1% on a year-over-year basis. As a group, sell-side analysts expect that Pacific Biosciences of California, Inc. will post -1.24 EPS for the current year.

Analyst Upgrades and Downgrades

PACB has been the subject of several research analyst reports. Piper Sandler cut their price objective on Pacific Biosciences of California from $11.00 to $10.00 in a research report on Wednesday, February 22nd. Scotiabank initiated coverage on Pacific Biosciences of California in a research report on Wednesday, January 4th. They issued a “sector outperform” rating and a $12.00 price objective for the company. UBS Group began coverage on Pacific Biosciences of California in a research report on Thursday, February 2nd. They set a “neutral” rating and a $13.00 target price for the company. Finally, Cantor Fitzgerald cut Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $12.00 price objective for the company. in a research note on Friday, January 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Byrne Asset Management LLC boosted its position in shares of Pacific Biosciences of California by 55.8% during the third quarter. Byrne Asset Management LLC now owns 5,140 shares of the biotechnology company’s stock worth $30,000 after buying an additional 1,840 shares during the period. National Bank of Canada FI boosted its position in shares of Pacific Biosciences of California by 130.8% during the third quarter. National Bank of Canada FI now owns 6,000 shares of the biotechnology company’s stock worth $35,000 after buying an additional 3,400 shares during the period. Captrust Financial Advisors boosted its position in shares of Pacific Biosciences of California by 217.2% during the second quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock worth $27,000 after buying an additional 4,220 shares during the period. CI Investments Inc. boosted its position in shares of Pacific Biosciences of California by 251.4% during the fourth quarter. CI Investments Inc. now owns 9,041 shares of the biotechnology company’s stock worth $74,000 after buying an additional 6,468 shares during the period. Finally, SVB Financial Group acquired a new position in shares of Pacific Biosciences of California during the fourth quarter worth about $84,000. 92.88% of the stock is owned by institutional investors and hedge funds.

Pacific Biosciences of California Company Profile

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Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.