Insider Selling: Pacific Biosciences of California (NASDAQ:PACB) Insider Sells 331,793 Shares of Stock

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Christian Henry sold 331,793 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total transaction of $524,232.94. Following the completion of the transaction, the insider directly owned 2,814,374 shares of the company’s stock, valued at approximately $4,446,710.92. This trade represents a 10.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Pacific Biosciences of California Stock Up 3.1%

Shares of NASDAQ PACB traded up $0.05 during mid-day trading on Thursday, hitting $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 current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. The firm has a 50-day simple moving average of $2.02 and a two-hundred day simple moving average of $1.77. The company has a market capitalization of $507.21 million, a PE ratio of -0.91 and a beta of 2.27. Pacific Biosciences of California, Inc. has a one year low of $0.85 and a one year high of $2.73.

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

Analyst Ratings Changes

PACB has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Barclays upped their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Piper Sandler lifted their price objective 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. Finally, Stephens boosted their price objective on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.20.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC increased its holdings in shares of Pacific Biosciences of California by 20.5% in the fourth quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock valued at $69,684,000 after purchasing an additional 6,340,125 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Pacific Biosciences of California by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock worth $20,966,000 after buying an additional 362,797 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Pacific Biosciences of California by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 7,078,744 shares of the biotechnology company’s stock worth $13,241,000 after buying an additional 172,089 shares during the period. Millennium Management LLC grew its stake in 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 valued at $6,293,000 after buying an additional 4,098,555 shares during the last quarter. Finally, Casdin Capital LLC raised its holdings 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 acquiring an additional 3,500,000 shares during the period.

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.