Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price gapped down prior to trading on Monday. The stock had previously closed at $2.33, but opened at $2.24. Pacific Biosciences of California shares last traded at $2.1750, with a volume of 1,112,425 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. UBS Group assumed coverage on Pacific Biosciences of California in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 target price on the stock. Finally, Wall Street Zen downgraded Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Reduce” and a consensus price target of $1.71.

Pacific Biosciences of California Trading Down 2.4%

The firm has a market cap of $637.20 million, a price-to-earnings ratio of -4.77 and a beta of 2.19. The firm’s 50 day simple moving average is $1.56 and its two-hundred day simple moving average is $1.49.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $42.90 million. As a group, equities research analysts anticipate 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 Pacific Biosciences of California news, insider James R. Gibson II sold 661,815 shares of the firm’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $3.11, for a total transaction of $2,058,244.65. Following the transaction, the insider owned 1,083,848 shares in the company, valued at $3,370,767.28. This trade represents a 37.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Van Oene sold 26,911 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider owned 2,705,853 shares in the company, valued at $3,057,613.89. The trade was a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 Investors Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP acquired a new stake in shares of Pacific Biosciences of California during the 2nd quarter worth approximately $30,000. Essential Partners LLC bought a new position in Pacific Biosciences of California during the 1st quarter valued at $25,000. Pinegrove Venture Partners LLC bought a new position in shares of Pacific Biosciences of California during the second quarter valued at about $34,584. Legal & General Group Plc bought a new position in shares of Pacific Biosciences of California during the 2nd quarter worth approximately $46,000. Finally, Clear Harbor Asset Management LLC purchased a new position in Pacific Biosciences of California in the second quarter worth $50,000.

About Pacific Biosciences of California

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.