Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down - Should You Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) 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.

Analysts Set New Price Targets

PACB has been the subject of several analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Scotiabank reduced their price objective on Pacific Biosciences of California from $8.00 to $7.00 and set a "sector outperform" rating for the company in a research 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 for the company in a research report on Thursday, August 8th. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley cut their target price on Pacific Biosciences of California from $4.00 to $2.00 and set an "equal weight" rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $4.50.

Pacific Biosciences of California Trading Down 6.1 %

The company has a fifty day simple moving average of $1.84 and a 200-day simple moving average of $1.74. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $36.01 million for the quarter, compared to the consensus estimate of $40.52 million. As a group, analysts anticipate that Pacific Biosciences of California, Inc. will post -0.95 EPS for the current year.

Insider Buying and Selling

In related news, 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 transaction of $42,548.40. Following the completion of the sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, 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 transaction of $42,548.40. Following the completion of the sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC acquired a new position in Pacific Biosciences of California during the first quarter worth $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pacific Biosciences of California in the first quarter valued at about $38,000. Kennedy Capital Management LLC acquired a new stake in shares of Pacific Biosciences of California in the first quarter valued at about $64,000. Water Island Capital LLC grew its position in shares of 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 purchasing an additional 9,537 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at about $29,000.

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.