Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) saw an uptick in trading volume on Wednesday . 3,439,633 shares were traded during trading, a decline of 13% from the previous session's volume of 3,976,065 shares.The stock last traded at $10.80 and had previously closed at $10.84.
Analysts Set New Price Targets
A number of research analysts recently commented on PACB shares. Cantor Fitzgerald downgraded Pacific Biosciences of California from an "overweight" rating to a "neutral" rating and set a $12.00 price target for the company. in a research note on Friday, January 20th. They noted that the move was a valuation call. Canaccord Genuity Group increased their price objective on shares of Pacific Biosciences of California from $12.00 to $14.00 in a research note on Wednesday, November 16th. Scotiabank started coverage on shares of Pacific Biosciences of California in a research note on Wednesday, January 4th. They set a "sector outperform" rating and a $12.00 price objective on the stock. Finally, Piper Sandler increased their price objective on shares of Pacific Biosciences of California from $6.00 to $11.00 in a research note on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.17.
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Pacific Biosciences of California Stock Performance
The business's 50 day moving average price is $9.79 and its two-hundred day moving average price is $7.67. The company has a quick ratio of 10.66, a current ratio of 11.19 and a debt-to-equity ratio of 1.43.
Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last posted its quarterly earnings results on Monday, November 7th. The biotechnology company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.35) by $0.03. Pacific Biosciences of California had a negative net
margin of 218.44% and a negative return on equity of 42.03%. The company had revenue of $32.31 million for the quarter, compared to the consensus estimate of $35.30 million. On average, analysts expect that Pacific Biosciences of California, Inc. will post -1.37 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Oene Mark Van sold 26,722 shares of Pacific Biosciences of California stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $9.53, for a total transaction of $254,660.66. Following the sale, the insider now directly owns 640,808 shares in the company, valued at approximately $6,106,900.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Oene Mark Van sold 26,722 shares of Pacific Biosciences of California stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $9.53, for a total transaction of $254,660.66. Following the sale, the insider now directly owns 640,808 shares in the company, valued at approximately $6,106,900.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christian O. Henry sold 45,000 shares of Pacific Biosciences of California stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $10.84, for a total transaction of $487,800.00. Following the sale, the insider now owns 643,551 shares in the company, valued at $6,976,092.84. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in PACB. Goldman Sachs Group Inc. raised its holdings in Pacific Biosciences of California by 190.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 8,438,572 shares of the biotechnology company's stock worth $37,299,000 after purchasing an additional 5,533,953 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Pacific Biosciences of California by 68.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company's stock worth $45,456,000 after purchasing an additional 4,179,997 shares during the last quarter. Bellevue Group AG raised its holdings in Pacific Biosciences of California by 214.3% during the 1st quarter. Bellevue Group AG now owns 4,881,752 shares of the biotechnology company's stock worth $44,424,000 after purchasing an additional 3,328,729 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Pacific Biosciences of California during the 3rd quarter worth approximately $14,710,000. Finally, Renaissance Technologies LLC bought a new position in Pacific Biosciences of California during the 1st quarter worth approximately $7,905,000. Institutional investors own 92.88% of the company's stock.
About Pacific Biosciences of California
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Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.
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