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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares gapped down before the market opened on Monday . The stock had previously closed at $1.98, but opened at $1.87. Pacific Biosciences of California shares last traded at $1.91, with a volume of 1,549,155 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on PACB. Canaccord Genuity Group cut their price objective 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. Scotiabank reduced 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 report on Wednesday, August 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Morgan Stanley reduced their price objective 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 note on Monday, August 12th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.50.

Pacific Biosciences of California Trading Up 2.4 %

The company has a market capitalization of $571.95 million, a price-to-earnings ratio of -1.84 and a beta of 2.05. The business’s 50 day moving average price is $1.64 and its two-hundred day moving average price is $1.82. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The company had revenue of $36.01 million during 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 forecast that Pacific Biosciences of California, Inc. will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California 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 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 legal filing with the SEC, which is available through this hyperlink. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction dated 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 owns 869,730 shares in the company, valued at $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 1,630,815 shares of the company’s stock, valued at $2,707,152.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in Pacific Biosciences of California in the 1st quarter worth $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Pacific Biosciences of California in the 1st quarter valued at approximately $38,000. Kennedy Capital Management LLC bought a new stake in shares of Pacific Biosciences of California in the 1st quarter worth approximately $64,000. Virtu Financial LLC acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter worth approximately $177,000. Finally, Water Island Capital LLC raised its stake 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 in the last quarter.

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.