Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up – Time to Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $2.87, but opened at $3.02. Pacific Biosciences of California shares last traded at $2.8850, with a volume of 9,501,325 shares.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PACB. Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 28th. Wall Street Zen downgraded Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. 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 objective for the company. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $1.71.

Pacific Biosciences of California Stock Down 4.0%

The firm has a market capitalization of $856.34 million, a PE ratio of -6.40 and a beta of 2.19. The firm’s fifty day simple moving average is $1.45 and its 200-day simple moving average is $1.45.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. The business had revenue of $39.01 million for the quarter, compared to analysts’ expectations of $42.90 million. As a group, analysts predict that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Insider Activity

In other news, insider Mark Van Oene sold 26,911 shares of Pacific Biosciences of California stock in a transaction that occurred 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 sale, the insider directly owned 2,705,853 shares in the company, valued at $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LP bought a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $30,000. Outlook Wealth Advisors LLC bought a new position in shares of Pacific Biosciences of California during the 4th quarter valued at $34,000. Essential Partners LLC purchased a new position in shares of Pacific Biosciences of California in the 1st quarter worth $25,000. Pinegrove Venture Partners LLC purchased a new position in shares of Pacific Biosciences of California in the 2nd quarter worth $34,584. Finally, Legal & General Group Plc bought a new position in Pacific Biosciences of California in the second quarter valued at about $46,000.

About Pacific Biosciences of California

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.