Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up to $1.87

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $1.87, but opened at $1.91. Pacific Biosciences of California shares last traded at $1.86, with a volume of 766,366 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Canaccord Genuity Group lowered their price target on Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. 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. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group began coverage on Pacific Biosciences of California in a research note on Monday, June 3rd. They issued a "buy" rating and a $4.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $4.50.

Pacific Biosciences of California Trading Up 3.2 %

The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14. The firm has a market capitalization of $525.98 million, a P/E ratio of -1.73 and a beta of 2.03. The business's 50-day moving average is $1.65 and its 200 day moving average is $2.13.

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

Insider Buying and Selling at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 38,011 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $2,707,152.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were 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 directly owns 869,730 shares in the company, valued at $1,382,870.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently modified their holdings of the business. Water Island Capital LLC grew its position in Pacific Biosciences of California by 91.1% in the second quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock valued at $27,000 after acquiring an additional 9,537 shares during the last quarter. Simplicity Wealth LLC bought a new stake in shares of Pacific Biosciences of California during the second quarter worth $29,000. Headlands Technologies LLC bought a new stake in Pacific Biosciences of California during the 1st quarter worth $32,000. Impact Partnership Wealth LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter valued at about $37,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Pacific Biosciences of California during the first quarter worth about $38,000.

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.