Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) gapped down before the market opened 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 trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PACB shares. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Scotiabank dropped their price objective on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, August 28th. Morgan Stanley dropped their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Monday, August 12th. Canaccord Genuity Group dropped their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 price objective 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 issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $4.50.

Pacific Biosciences of California Stock Down 19.6 %

The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81. The business has a fifty day simple moving average of $1.84 and a two-hundred day simple moving average of $1.74. The company has a market capitalization of $536.88 million, a price-to-earnings ratio of -1.49 and a beta of 2.01.

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

Insider Transactions at Pacific Biosciences of California

In other news, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $1.59, for a total value of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares of the company’s stock, valued at $1,382,870.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.

Institutional Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new position in shares of Pacific Biosciences of California in the 1st quarter valued at $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pacific Biosciences of California in the 1st quarter valued at $38,000. Kennedy Capital Management LLC acquired a new position in shares of Pacific Biosciences of California in the 1st quarter valued at $64,000. Water Island Capital LLC grew its holdings in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 9,537 shares during the period. Finally, Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the 2nd quarter worth $29,000.

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.