Pacific Biosciences of California (NASDAQ:PACB) Hits New 12-Month High – Here’s Why

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) reached a new 52-week high on Monday. The company traded as high as $2.75 and last traded at $2.7650, with a volume of 7693836 shares trading hands. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

PACB has been the subject of several research analyst reports. Weiss Ratings cut shares of 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 report on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 target price on the stock. Finally, Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $1.71.

Pacific Biosciences of California Trading Down 5.9%

The stock’s 50-day simple moving average is $1.48 and its 200-day simple moving average is $1.46. The stock has a market cap of $839.24 million, a price-to-earnings ratio of -6.28 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly 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). The company 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, equities research analysts forecast that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In other Pacific Biosciences of California news, 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 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is owned by insiders.

Institutional Trading of Pacific Biosciences of California

Large investors have recently bought and sold shares of the business. Hhlr Advisors LTD. acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at approximately $1,544,000. BlackRock Inc. bought a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $54,330,000. Bank of America Corp DE bought a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $2,265,000. Bank of New York Mellon Corp acquired a new position in shares of Pacific Biosciences of California during the second quarter worth $1,290,000. Finally, Man Group plc bought a new position in Pacific Biosciences of California in the second quarter valued at about $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.