Pacific Biosciences of California Inc. (PACB) Sees Strong Trading Volume
Pacific Biosciences of California Inc. (NASDAQ:PACB) saw strong trading volume on Wednesday . 1,188,830 shares were traded during trading, an increase of 4% from the previous session’s volume of 1,138,944 shares.The stock last traded at $9.17 and had previously closed at $8.80.
A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Pacific Biosciences of California from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $18.00 target price on shares of Pacific Biosciences of California in a report on Wednesday, June 29th. Finally, CL King assumed coverage on shares of Pacific Biosciences of California in a report on Monday, June 27th. They issued a “buy” rating and a $11.00 target price for the company. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $11.96.
The company’s market capitalization is $853.52 million. The company has a 50 day moving average price of $8.53 and a 200 day moving average price of $8.67.
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Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. The business had revenue of $20.70 million for the quarter, compared to analysts’ expectations of $20.19 million. Pacific Biosciences of California had a negative net margin of 41.57% and a negative return on equity of 77.61%. The business’s revenue was down 16.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) EPS. Equities research analysts anticipate that Pacific Biosciences of California Inc. will post ($0.85) EPS for the current fiscal year.
In other news, SVP James Michael Phillips sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $8.45, for a total transaction of $169,000.00. Following the sale, the senior vice president now owns 198,949 shares of the company’s stock, valued at approximately $1,681,119.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 19.80% of the company’s stock.
Large investors have recently modified their holdings of the company. Iguana Healthcare Management LLC bought a new stake in Pacific Biosciences of California during the first quarter worth about $618,000. Bridger Management LLC bought a new stake in Pacific Biosciences of California during the first quarter worth about $34,823,000. Barclays PLC boosted its stake in Pacific Biosciences of California by 79.9% in the first quarter. Barclays PLC now owns 83,445 shares of the company’s stock worth $668,000 after buying an additional 37,065 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Pacific Biosciences of California by 21.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 50,590 shares of the company’s stock worth $430,000 after buying an additional 8,828 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Pacific Biosciences of California by 80.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the company’s stock worth $7,650,000 after buying an additional 400,000 shares in the last quarter. 66.70% of the stock is currently owned by institutional investors and hedge funds.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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