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

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price gapped down prior to trading on Friday . The stock had previously closed at $1.48, but opened at $1.43. Pacific Biosciences of California shares last traded at $1.87, with a volume of 17,030,449 shares traded.

Analyst Ratings Changes

PACB has been the subject of several recent research reports. The Goldman Sachs Group dropped their target price on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Stephens restated an “overweight” rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a research report on Friday. UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a report on Monday, November 11th. Piper Sandler boosted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $2.85.

Pacific Biosciences of California Stock Up 25.0 %

The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The firm’s 50-day moving average is $1.80 and its 200 day moving average is $1.79.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. The business had revenue of $39.22 million during the quarter, compared to the consensus estimate of $39.20 million. During the same period in the prior year, the firm posted ($0.27) EPS. Research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.91 EPS for the current year.

Insider Transactions at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of Pacific Biosciences of California stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the transaction, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several large investors have recently added to or reduced their stakes in PACB. T. Rowe Price Investment Management Inc. acquired a new position in shares of Pacific Biosciences of California during the fourth quarter worth about $8,962,000. ARK Investment Management LLC boosted its holdings in Pacific Biosciences of California by 7.9% in the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock worth $65,961,000 after acquiring an additional 2,637,961 shares during the period. Koss Olinger Consulting LLC grew its position in Pacific Biosciences of California by 150.0% in the fourth quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $3,660,000 after acquiring an additional 1,200,000 shares in the last quarter. Barclays PLC raised its stake in shares of Pacific Biosciences of California by 178.9% during the fourth quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company’s stock valued at $3,038,000 after purchasing an additional 1,064,909 shares during the period. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Pacific Biosciences of California by 5.1% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company’s stock worth $39,064,000 after purchasing an additional 1,038,600 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.