Key Points
- Insider sale: Oene Mark Van sold 26,911 PACB shares for approximately $30,409 at an average price of $1.13. The sale covered tax withholding obligations, reducing the insider’s position by 0.98% to 2.71 million shares.
- Weak quarterly results: Pacific Biosciences reported a quarterly loss of $0.14 per share, missing estimates by $0.01, while revenue of $39.01 million fell short of the $42.90 million consensus forecast.
- Investor outlook remains cautious: PACB traded near $1.14, close to its 52-week low of $1.07, and analysts’ consensus rating was “Reduce,” with a $1.83 average price target.
Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) insider Oene Mark Van sold 26,911 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider directly owned 2,705,853 shares in the company, valued at $3,057,613.89. This trade represents a 0.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Pacific Biosciences of California Price Performance
Pacific Biosciences of California stock opened at $1.14 on Wednesday. The stock has a market cap of $354.35 million, a price-to-earnings ratio of -2.65 and a beta of 2.31. The firm has a 50-day moving average of $1.41 and a two-hundred day moving average of $1.48. Pacific Biosciences of California, Inc. has a 1 year low of $1.07 and a 1 year high of $2.73.
Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $39.01 million for the quarter, compared to the consensus estimate 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%. Research analysts expect that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.
Hedge Funds Weigh In On Pacific Biosciences of California
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning grew its position in Pacific Biosciences of California by 245.9% during the 2nd quarter. Creative Planning now owns 175,690 shares of the biotechnology company's stock worth $218,000 after purchasing an additional 124,893 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Pacific Biosciences of California by 10.1% during the second quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company's stock worth $130,000 after buying an additional 9,617 shares during the period. Prudential Financial Inc. lifted its stake in shares of Pacific Biosciences of California by 73.0% during the second quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company's stock worth $44,000 after buying an additional 15,062 shares during the period. Invesco Ltd. grew its holdings in shares of Pacific Biosciences of California by 60.0% during the second quarter. Invesco Ltd. now owns 839,340 shares of the biotechnology company's stock valued at $1,041,000 after buying an additional 314,697 shares during the last quarter. Finally, HUB Investment Partners LLC purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $77,000.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Barclays upped their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an "underweight" rating in a research note on Monday, May 11th. Wall Street Zen downgraded Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings upgraded Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $1.83.
Check Out Our Latest Stock Analysis on PACB
About Pacific Biosciences of California
(
Get Free Report)
Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company's proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.
Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.
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