Pacific Biosciences of California (NASDAQ:PACB) Insider Christian Henry Sells 331,793 Shares

Pacific Biosciences of California, Inc. (NASDAQ:PACB) insider Christian Henry sold 331,793 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total value of $524,232.94. Following the sale, the insider owned 2,814,374 shares in the company, valued at approximately $4,446,710.92. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pacific Biosciences of California Price Performance

PACB traded up $0.05 during trading on Thursday, hitting $1.68. The company’s stock had a trading volume of 4,308,048 shares, compared to its average volume of 7,583,859. The firm’s 50 day moving average price is $2.02 and its two-hundred day moving average price is $1.77. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. Pacific Biosciences of California, Inc. has a 12 month low of $0.85 and a 12 month high of $2.73. The stock has a market capitalization of $507.21 million, a price-to-earnings ratio of -0.91 and a beta of 2.27.

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

Institutional Trading of Pacific Biosciences of California

A number of institutional investors have recently modified their holdings of PACB. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California during the third quarter worth about $25,000. Caitong International Asset Management Co. Ltd lifted its stake in Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Pacific Biosciences of California during the 3rd quarter worth approximately $29,000. Cim Investment Management Inc. grew its stake in shares of Pacific Biosciences of California by 100.7% during the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 12,822 shares in the last quarter. Finally, Outlook Wealth Advisors LLC acquired a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $34,000.

Wall Street Analyst Weigh In

PACB has been the topic of a number of recent analyst reports. Stephens lifted their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Barclays lifted their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Thursday, January 22nd. Finally, Piper Sandler raised their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Three 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. According to data from MarketBeat.com, Pacific Biosciences of California currently has a consensus rating of “Hold” and an average price target of $2.20.

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.