Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.7% Following Insider Selling

Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) traded down 6.7% during trading on Friday following insider selling activity. The stock traded as low as $8.24 and last traded at $8.25. 1,188,821 shares changed hands during trading, a decline of 72% from the average session volume of 4,309,005 shares. The stock had previously closed at $8.84.

Specifically, insider Oene Mark Van sold 26,722 shares of the stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total value of $254,660.66. Following the completion of the sale, the insider now directly owns 640,808 shares of the company’s stock, valued at $6,106,900.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Oene Mark Van sold 26,722 shares of the stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total value of $254,660.66. Following the completion of the sale, the insider now directly owns 640,808 shares of the company’s stock, valued at $6,106,900.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William W. Ericson sold 7,541 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 18,795 shares of the company’s stock, valued at $167,275.50. The disclosure for this sale can be found here. Insiders have sold a total of 40,215 shares of company stock worth $378,968 over the last 90 days. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

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

Pacific Biosciences of California Stock Performance

The company has a market capitalization of $2.05 billion, a P/E ratio of -5.93 and a beta of 1.67. The stock has a fifty day simple moving average of $10.20 and a 200-day simple moving average of $8.72. The company has a quick ratio of 3.04, a current ratio of 3.24 and a debt-to-equity ratio of 1.59.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last issued its quarterly earnings data 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). The company had revenue of $27.35 million for the quarter, compared to the consensus estimate of $27.29 million. Pacific Biosciences of California had a negative net margin of 244.93% and a negative return on equity of 47.73%. The firm’s revenue was down 24.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.30) earnings per share. Equities analysts forecast that Pacific Biosciences of California, Inc. will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Byrne Asset Management LLC increased its stake in shares of Pacific Biosciences of California by 55.8% in the third quarter. Byrne Asset Management LLC now owns 5,140 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 1,840 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Pacific Biosciences of California by 130.8% in the third quarter. National Bank of Canada FI now owns 6,000 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 3,400 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of Pacific Biosciences of California by 217.2% in the second quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 4,220 shares in the last quarter. CI Investments Inc. increased its stake in shares of Pacific Biosciences of California by 251.4% in the fourth quarter. CI Investments Inc. now owns 9,041 shares of the biotechnology company’s stock valued at $74,000 after buying an additional 6,468 shares in the last quarter. Finally, SVB Financial Group acquired a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $84,000. 92.88% of the stock is owned by institutional investors.

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.