Insider Selling: Pacific Biosciences of California (NASDAQ:PACB) Insider Sells 140,874 Shares of Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Christian Henry sold 140,874 shares of Pacific Biosciences of California stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total value of $229,624.62. Following the transaction, the insider directly owned 2,673,500 shares in the company, valued at approximately $4,357,805. The trade was a 5.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Pacific Biosciences of California Stock Up 3.1%

NASDAQ PACB traded up $0.05 on Thursday, reaching $1.68. The company had a trading volume of 4,308,048 shares, compared to its average volume of 7,583,859. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The company’s fifty day moving average is $2.02 and its 200 day moving average is $1.77. Pacific Biosciences of California, Inc. has a 52-week low of $0.85 and a 52-week high of $2.73. The stock has a market capitalization of $507.21 million, a P/E ratio of -0.91 and a beta of 2.27.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.07. The firm had revenue of $44.65 million for the quarter, compared to the consensus estimate of $44.60 million. Pacific Biosciences of California had a negative return on equity of 251.75% and a negative net margin of 341.47%. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC boosted its position in Pacific Biosciences of California by 20.5% during the fourth 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 lifted its stake in shares of Pacific Biosciences of California by 500.9% during the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after buying an additional 4,098,555 shares in the last quarter. Renaissance Technologies LLC bought a new position in Pacific Biosciences of California in the 4th quarter worth approximately $7,201,000. Casdin Capital LLC grew its stake in Pacific Biosciences of California by 483.6% in 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 in the last quarter. Finally, Amiral Gestion purchased a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $3,208,000.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PACB shares. Barclays raised their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Monday, December 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Stephens boosted their target price on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Finally, Piper Sandler increased their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.20.

Pacific Biosciences of California Company Profile

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.