Pacific Biosciences of California (NASDAQ:PACB) Sees Large Volume Increase – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares saw an uptick in trading volume on Wednesday. Approximately 11,341,216 shares changed hands during mid-day trading, an increase of 68% from the previous session’s volume of 6,738,145 shares. The stock last traded at $2.1650 and had previously closed at $1.83.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. UBS Group assumed coverage on shares of Pacific Biosciences of California in a report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 price target for the company. Finally, Weiss Ratings downgraded shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $1.71.

Pacific Biosciences of California Stock Up 27.0%

The firm has a market cap of $722.68 million, a price-to-earnings ratio of -5.36 and a beta of 2.31. The company has a 50 day moving average of $1.36 and a 200 day moving average of $1.41.

Pacific Biosciences of California (NASDAQ:PACB) last issued 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 net margin of 82.49% and a negative return on equity of 5,752.12%. The business had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. As a group, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In other news, insider Mark Van Oene sold 26,911 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a 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. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Pacific Biosciences of California during the 2nd quarter worth $54,330,000. Casdin Capital LLC raised its stake in shares of Pacific Biosciences of California by 483.6% in the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after purchasing an additional 3,500,000 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at about $2,265,000. Hhlr Advisors LTD. bought a new position in shares of Pacific Biosciences of California during the second quarter worth about $1,544,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Pacific Biosciences of California by 177.9% during the first quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company’s stock worth $1,187,000 after purchasing an additional 575,801 shares during the last quarter.

Pacific Biosciences of California Company Profile

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.