Pacific Biosciences of California (NASDAQ:PACB) Trading 10.1% Higher

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) was up 10.1% on Thursday . The company traded as high as $1.86 and last traded at $1.85. Approximately 6,832,681 shares traded hands during trading, a decline of 29% from the average daily volume of 9,595,622 shares. The stock had previously closed at $1.68.

Analyst Ratings Changes

A number of research firms have recently issued reports on PACB. Cantor Fitzgerald reiterated an "overweight" rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Scotiabank decreased their price target on shares of 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. Canaccord Genuity Group lowered their price objective on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating for the company in a report on Thursday, August 8th. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a report on Tuesday, August 13th. Finally, Morgan Stanley decreased their target price on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an "equal weight" rating on the stock in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California presently has an average rating of "Hold" and a consensus price target of $4.50.

Pacific Biosciences of California Trading Up 7.7 %

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's 50 day moving average price is $1.61 and its 200 day moving average price is $2.25. The stock has a market capitalization of $492.96 million, a P/E ratio of -1.62 and a beta of 2.04.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.04. Pacific Biosciences of California had a negative return on equity of 40.98% and a negative net margin of 211.99%. The company had revenue of $36.01 million for the quarter, compared to the consensus estimate of $40.52 million. As a group, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In related news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction on 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 $1,382,870.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the firm'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 completion of the sale, 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 Securities & Exchange Commission, which is accessible 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 value of $63,098.26. Following the sale, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its position in Pacific Biosciences of California by 100.3% during the 1st quarter. BNP Paribas Financial Markets now owns 1,167,708 shares of the biotechnology company's stock valued at $4,379,000 after acquiring an additional 584,734 shares during the period. First Trust Direct Indexing L.P. purchased a new stake in shares of Pacific Biosciences of California in the 1st quarter worth approximately $98,000. Jackson Square Partners LLC increased its position in Pacific Biosciences of California by 40.0% during the 4th quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company's stock valued at $95,204,000 after buying an additional 2,770,901 shares in the last quarter. Quantbot Technologies LP raised its stake in Pacific Biosciences of California by 330.4% during the first quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company's stock valued at $333,000 after buying an additional 68,195 shares during the last quarter. Finally, Norges Bank bought a new stake in Pacific Biosciences of California in the fourth quarter worth $13,486,000.

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.

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