Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Free Report)’s share price fell 5.6% during mid-day trading on Wednesday after Morgan Stanley lowered their price target on the stock from $10.00 to $4.00. Morgan Stanley currently has an equal weight rating on the stock. Pacific Biosciences of California traded as low as $2.03 and last traded at $2.11. 6,454,726 shares changed hands during trading, a decline of 37% from the average session volume of 10,188,113 shares. The stock had previously closed at $2.23.
PACB has been the topic of a number of other reports. TD Cowen reduced their target price on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a report on Wednesday, April 17th. Scotiabank dropped their price target on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 18th. Sanford C. Bernstein dropped their price target on shares of Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating on the stock in a research report on Thursday, April 18th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday. Finally, Piper Sandler dropped their price target on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California currently has an average rating of “Hold” and a consensus target price of $6.59.
Insider Activity at Pacific Biosciences of California
In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David W. Meline acquired 40,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were acquired at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at approximately $176,000. The disclosure for this purchase can be found here. Insiders have sold 37,359 shares of company stock worth $218,843 in the last quarter. Company insiders own 1.40% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of PACB. Headlands Technologies LLC bought a new stake in shares of Pacific Biosciences of California in the 1st quarter worth $32,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Pacific Biosciences of California during the first quarter valued at about $38,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in Pacific Biosciences of California during the third quarter valued at about $59,000. SG Americas Securities LLC bought a new position in Pacific Biosciences of California during the first quarter valued at about $80,000. Finally, Private Wealth Partners LLC bought a new position in Pacific Biosciences of California during the fourth quarter valued at about $98,000.
Pacific Biosciences of California Stock Performance
The company has a market cap of $584.21 million, a P/E ratio of -1.88 and a beta of 1.99. The company’s 50-day moving average is $2.80 and its two-hundred day moving average is $5.83. The company has a quick ratio of 8.36, a current ratio of 9.28 and a debt-to-equity ratio of 1.38.
Pacific Biosciences of California (NASDAQ:PACB – Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). The company had revenue of $38.81 million during the quarter, compared to analyst estimates of $38.78 million. Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. Equities analysts predict that Pacific Biosciences of California, Inc. will post -1 EPS for the current year.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.