Key Points
- Insider James Gibson II sold 661,815 PACB shares at an average price of $3.11, generating approximately $2.06 million. The Rule 10b5-1 transaction reduced his ownership by 37.91%, leaving him with 1.08 million shares.
- Pacific Biosciences reported weaker-than-expected quarterly results, with an adjusted loss of $0.14 per share versus the $0.13 consensus estimate and revenue of $39.01 million versus $42.90 million expected.
- Analyst sentiment is negative: PACB has a consensus “Reduce” rating and a $1.71 price target, while shares recently opened at $2.30 after trading between $1.07 and $3.43 over the past year.
Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) insider James Gibson II sold 661,815 shares of Pacific Biosciences of California stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $3.11, for a total value of $2,058,244.65. Following the sale, the insider owned 1,083,848 shares of the company's stock, valued at approximately $3,370,767.28. This trade represents a 37.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Pacific Biosciences of California Price Performance
Shares of PACB opened at $2.30 on Friday. Pacific Biosciences of California, Inc. has a 1-year low of $1.07 and a 1-year high of $3.43. The company has a 50-day moving average of $1.52 and a 200 day moving average of $1.47. The firm has a market capitalization of $714.91 million, a price-to-earnings ratio of -5.35 and a beta of 2.19.
Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.01). The company had revenue of $39.01 million during the quarter, compared to the consensus estimate 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 analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Pacific Biosciences of California
A number of large investors have recently bought and sold shares of the business. AdvisorNet Financial Inc increased its holdings in shares of Pacific Biosciences of California by 6.2% in the 1st quarter. AdvisorNet Financial Inc now owns 142,057 shares of the biotechnology company's stock valued at $188,000 after acquiring an additional 8,290 shares during the period. Corient Private Wealth LP purchased a new stake in shares of Pacific Biosciences of California during the 2nd quarter worth $30,000. Outlook Wealth Advisors LLC purchased a new stake in shares of Pacific Biosciences of California during the 4th quarter worth $34,000. Essential Partners LLC bought a new stake in Pacific Biosciences of California during the first quarter valued at about $25,000. Finally, Pinegrove Venture Partners LLC bought a new stake in Pacific Biosciences of California during the second quarter valued at about $34,584.
Analyst Ratings Changes
Several research firms have commented on PACB. Wall Street Zen downgraded Pacific Biosciences of California from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings downgraded Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, September 28th. Finally, UBS Group began coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They set a "neutral" rating and a $1.35 price target on the stock. 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. Based on data from MarketBeat.com, Pacific Biosciences of California has a consensus rating of "Reduce" and a consensus target price of $1.71.
Check Out Our Latest Stock Report on Pacific Biosciences of California
Pacific Biosciences of California Company Profile
(
Get Free Report)
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.
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