Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.9% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price fell 6.9% during trading on Wednesday. The stock traded as low as $2.56 and last traded at $2.5150. Approximately 2,565,306 shares changed hands during trading, a decline of 67% from the average session volume of 7,680,212 shares. The stock had previously closed at $2.70.

Analyst Upgrades and Downgrades

PACB has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th. UBS Group started coverage on Pacific Biosciences of California in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $1.35 price objective for the company. Finally, Wall Street Zen lowered Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $1.71.

Pacific Biosciences of California Stock Down 0.2%

The firm has a market capitalization of $837.69 million, a P/E ratio of -6.27 and a beta of 2.19. The stock has a fifty day moving average of $1.48 and a 200-day moving average of $1.46.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%. Sell-side analysts predict that Pacific Biosciences of California, Inc. will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Mark Van Oene sold 26,911 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $1.13, for a total transaction of $30,409.43. Following the transaction, the insider owned 2,705,853 shares of the company’s stock, valued at $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.70% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Pacific Biosciences of California in the second quarter valued at about $54,330,000. Casdin Capital LLC raised its stake in shares of Pacific Biosciences of California by 483.6% during the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after acquiring an additional 3,500,000 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at about $2,265,000. Hhlr Advisors LTD. acquired a new stake in Pacific Biosciences of California during the 2nd quarter valued at approximately $1,544,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Pacific Biosciences of California in the 2nd quarter worth about $1,290,000.

About Pacific Biosciences of California

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.