Pacific Biosciences of California (NASDAQ:PACB) Trading 18.4% Higher - Here's Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price rose 18.4% on Friday . The company traded as high as $1.85 and last traded at $1.84. Approximately 7,997,409 shares changed hands during trading, a decline of 15% from the average daily volume of 9,417,850 shares. The stock had previously closed at $1.55.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PACB shares. Scotiabank decreased their target price on shares of Pacific Biosciences of California from $8.00 to $7.00 and set a "sector outperform" rating for the company in a report on Wednesday, August 28th. Canaccord Genuity Group cut their target price 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. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $3.50 price target on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Finally, Morgan Stanley reduced their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an "equal weight" rating for the company in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $4.50.

Pacific Biosciences of California Price Performance

The company has a market capitalization of $539.61 million, a P/E ratio of -1.32 and a beta of 2.05. 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 is $1.62 and its 200-day moving average is $1.86.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings data 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 net margin of 211.99% and a negative return on equity of 40.98%. The firm had revenue of $36.01 million during the quarter, compared to the consensus estimate of $40.52 million. Analysts predict that Pacific Biosciences of California, Inc. will post -0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Oene Mark Van sold 38,011 shares of the company'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 transaction, the insider now owns 1,630,815 shares of the company's stock, valued at approximately $2,707,152.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeff Eidel sold 26,760 shares of the stock in a transaction 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 completion of the sale, the insider now 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 disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company's stock valued at $262,806,000 after purchasing an additional 3,514,792 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Pacific Biosciences of California by 955.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company's stock worth $39,402,000 after buying an additional 9,511,787 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company's stock worth $2,207,000 after buying an additional 1,117,966 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pacific Biosciences of California by 44.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,335,862 shares of the biotechnology company's stock worth $5,009,000 after acquiring an additional 408,874 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Pacific Biosciences of California during the second quarter valued at $1,775,000.

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.