Pacific Biosciences of California (NASDAQ:PACB) Shares Down 7.1% – Should You Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price traded down 7.1% on Friday. The company traded as low as $1.80 and last traded at $1.8210. 856,341 shares were traded during trading, a decline of 89% from the average daily volume of 7,920,882 shares. The stock had previously closed at $1.96.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PACB shares. Weiss Ratings upgraded shares of Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. UBS Group began coverage on shares of Pacific Biosciences of California in a research report on Wednesday, September 9th. They set a “neutral” rating and a $1.35 price objective for the company. 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 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’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $1.71.

Pacific Biosciences of California Trading Down 9.4%

The firm has a market capitalization of $551.72 million, a price-to-earnings ratio of -4.15 and a beta of 2.19. The business has a 50-day moving average price of $1.59 and a two-hundred day moving average price of $1.50.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. On average, equities research analysts predict that Pacific Biosciences of California, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Mark Van Oene sold 26,911 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1.13, for a total transaction of $30,409.43. Following the completion of the transaction, the insider owned 2,705,853 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James R. Gibson II sold 661,815 shares of the company’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $3.11, for a total transaction of $2,058,244.65. Following the transaction, the insider owned 1,083,848 shares of the company’s stock, valued at $3,370,767.28. This represents 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 owned by company insiders.

Institutional Trading of Pacific Biosciences of California

Several hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP bought a new stake in Pacific Biosciences of California in the 2nd quarter valued at about $30,000. Essential Partners LLC bought a new position in Pacific Biosciences of California in the 1st quarter worth about $25,000. Pinegrove Venture Partners LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $34,584. Legal & General Group Plc acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $46,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $50,000.

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.