Pacific Biosciences of California (NASDAQ:PACB) Shares Climb 10.6% – Should You Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price was up 10.6% on Tuesday. The stock traded as high as $2.03 and last traded at $2.0350. Approximately 5,061,448 shares were traded during trading, a decline of 36% from the average daily volume of 7,946,363 shares. The stock had previously closed at $1.84.

Wall Street Analysts Forecast Growth

PACB has been the subject of a number of research reports. Weiss Ratings raised Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 13th. UBS Group began coverage on shares of Pacific Biosciences of California in a research note on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 price target on the stock. Finally, Wall Street Zen lowered shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $1.71.

Pacific Biosciences of California Trading Up 9.2%

The stock’s 50 day moving average is $1.66 and its two-hundred day moving average is $1.52. The stock has a market capitalization of $665.18 million, a price-to-earnings ratio of -4.98 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $39.01 million during the quarter, compared to analyst estimates 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%. On average, research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current year.

Insider Transactions at Pacific Biosciences of California

In related 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 stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the sale, the insider 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Gibson, II sold 661,815 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $3.11, for a total value of $2,058,244.65. Following the completion of the sale, the insider owned 1,083,848 shares in the company, valued at $3,370,767.28. The trade was a 37.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $54,330,000. Bank of America Corp DE acquired a new position in Pacific Biosciences of California during the second quarter worth $2,265,000. Hhlr Advisors LTD. acquired a new position in Pacific Biosciences of California during the second quarter worth $1,544,000. Bank of New York Mellon Corp bought a new position in Pacific Biosciences of California in the second quarter valued at $1,290,000. Finally, Dimensional Fund Advisors LP grew its position in Pacific Biosciences of California by 177.9% in the first quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company’s stock valued at $1,187,000 after purchasing an additional 575,801 shares in the last quarter.

Pacific Biosciences of California Company Profile

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.