Pacific Biosciences of California (NASDAQ:PACB) Insider Oene Mark Van Sells 26,911 Shares of Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Oene Mark Van sold 26,911 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was 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 of the company’s stock, valued at approximately $3,057,613.89. This trade represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Pacific Biosciences of California Trading Down 5.8%

Shares of PACB opened at $1.14 on Wednesday. The business’s 50 day moving average is $1.41 and its 200 day moving average is $1.48. The company has a market capitalization of $354.35 million, a PE ratio of -2.65 and a beta of 2.31. Pacific Biosciences of California, Inc. has a 12-month low of $1.07 and a 12-month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) 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). Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%.The business had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. Equities research analysts predict that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Pacific Biosciences of California during the second quarter valued at approximately $54,330,000. ARK Investment Management LLC boosted its holdings in shares of Pacific Biosciences of California by 20.5% in the 4th quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock worth $69,684,000 after purchasing an additional 6,340,125 shares during the period. Millennium Management LLC boosted its holdings in shares of Pacific Biosciences of California by 500.9% in the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock worth $6,293,000 after purchasing an additional 4,098,555 shares during the period. Renaissance Technologies LLC bought a new position in shares of Pacific Biosciences of California during the 4th quarter valued at approximately $7,201,000. Finally, Casdin Capital LLC raised its holdings in Pacific Biosciences of California by 483.6% during the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after buying an additional 3,500,000 shares during the period.

Analyst Ratings Changes

PACB has been the subject of a number of research reports. Barclays upped their target price on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Weiss Ratings upgraded shares of Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $1.83.

About Pacific Biosciences of California

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.