Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $2.45, but opened at $2.18. Pacific Biosciences of California shares last traded at $2.23, with a volume of 2,339,230 shares traded.

Analyst Upgrades and Downgrades

PACB has been the subject of several analyst reports. Canaccord Genuity Group cut their price target on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Scotiabank dropped their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a report on Wednesday, August 28th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Morgan Stanley dropped their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, August 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.50.

Pacific Biosciences of California Trading Down 6.1 %

The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01. The firm has a market capitalization of $626.82 million, a PE ratio of -1.53 and a beta of 2.01. The stock’s 50-day simple moving average is $1.85 and its 200-day simple moving average is $1.75.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. Pacific Biosciences of California had a negative net margin of 211.99% and a negative return on equity of 40.98%. The company had revenue of $36.01 million for the quarter, compared to analysts’ expectations of $40.52 million. As a group, sell-side analysts expect that Pacific Biosciences of California, Inc. will post -0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 38,011 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $1.66, for a total value of $63,098.26. Following the completion of the transaction, the insider now owns 1,630,815 shares in the company, valued at $2,707,152.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the sale, the insider now owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total transaction of $63,098.26. Following the transaction, the insider now owns 1,630,815 shares of the company’s stock, valued at $2,707,152.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its stake in Pacific Biosciences of California by 100.3% during the first quarter. BNP Paribas Financial Markets now owns 1,167,708 shares of the biotechnology company’s stock valued at $4,379,000 after buying an additional 584,734 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Pacific Biosciences of California in the 2nd quarter worth about $719,000. Quantbot Technologies LP raised its position in shares of Pacific Biosciences of California by 330.4% in the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock worth $333,000 after purchasing an additional 68,195 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Pacific Biosciences of California in the 2nd quarter worth about $1,775,000. Finally, Cetera Advisors LLC purchased a new stake in Pacific Biosciences of California during the 1st quarter valued at about $98,000.

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.