Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up to $1.76

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares gapped up before the market opened on Friday . The stock had previously closed at $1.76, but opened at $1.87. Pacific Biosciences of California shares last traded at $1.90, with a volume of 3,423,121 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PACB shares. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a research report on Monday, April 22nd. Sanford C. Bernstein dropped their target price on 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. Barclays reduced their price target on Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Finally, TD Cowen cut their price target on Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating for the company in a research note on Wednesday, April 17th. 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.com, the company currently has an average rating of “Hold” and an average target price of $7.77.

Pacific Biosciences of California Trading Up 4.0 %

The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $498.38 million, a PE ratio of -1.51 and a beta of 1.99. The business’s fifty day moving average price is $3.31 and its 200 day moving average price is $6.14.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. The company had revenue of $58.36 million during the quarter, compared to the consensus estimate of $57.96 million. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. Pacific Biosciences of California’s revenue was up 113.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.35) EPS. As a group, analysts expect that Pacific Biosciences of California, Inc. will post -1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David W. Meline acquired 40,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the purchase, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Oene Mark Van sold 33,560 shares of Pacific Biosciences of California stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David W. Meline purchased 40,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $4.40 per share, with a total value of $176,000.00. Following the completion of the purchase, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 37,359 shares of company stock valued at $218,843. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Pacific Biosciences of California during the third quarter valued at approximately $59,000. Private Wealth Partners LLC purchased a new position in shares of Pacific Biosciences of California in the 4th quarter valued at $98,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pacific Biosciences of California during the 1st quarter valued at $38,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Pacific Biosciences of California during the 3rd quarter worth $105,000. Finally, EMC Capital Management increased its holdings in Pacific Biosciences of California by 191.6% in the 3rd quarter. EMC Capital Management now owns 15,600 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 10,251 shares in the last quarter.

Pacific Biosciences of California Company Profile

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.