Pacific Biosciences of California (NASDAQ:PACB) Insider James Gibson II Sells 661,815 Shares of Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider James Gibson II sold 661,815 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $3.11, for a total value of $2,058,244.65. Following the completion of the sale, the insider owned 1,083,848 shares of the company’s stock, valued at $3,370,767.28. The trade was a 37.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Pacific Biosciences of California Stock Down 15.4%

Shares of NASDAQ:PACB traded down $0.42 during midday trading on Thursday, hitting $2.30. 24,113,662 shares of the stock traded hands, compared to its average volume of 7,860,303. The stock has a market capitalization of $714.91 million, a PE ratio of -5.35 and a beta of 2.19. Pacific Biosciences of California, Inc. has a one year low of $1.07 and a one year high of $3.43. The business’s 50 day moving average is $1.50 and its two-hundred day moving average is $1.47.

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 (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 analysts’ expectations of $42.90 million. Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. As a group, sell-side analysts forecast that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. UBS Group initiated coverage on shares of Pacific Biosciences of California in a research report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 price target for the company. Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th. One 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 company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $1.71.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. AdvisorNet Financial Inc raised its holdings in shares of Pacific Biosciences of California by 6.2% in the first quarter. AdvisorNet Financial Inc now owns 142,057 shares of the biotechnology company’s stock worth $188,000 after buying an additional 8,290 shares during the period. Corient Private Wealth LP purchased a new position in Pacific Biosciences of California during the 2nd quarter valued at $30,000. Outlook Wealth Advisors LLC bought a new position in Pacific Biosciences of California in the 4th quarter valued at $34,000. Essential Partners LLC purchased a new stake in Pacific Biosciences of California in the first quarter worth $25,000. Finally, Pinegrove Venture Partners LLC bought a new stake in shares of Pacific Biosciences of California during the second quarter worth $34,584.

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.