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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $1.93. Pacific Biosciences of California shares last traded at $1.98, with a volume of 1,266,656 shares.

Analyst Ratings Changes

Several research analysts have issued reports on PACB shares. Scotiabank dropped their price target on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Thursday, January 9th. Finally, Piper Sandler upped their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California has an average rating of “Hold” and a consensus target price of $2.95.

Pacific Biosciences of California Price Performance

The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $501.17 million, a price-to-earnings ratio of -1.25 and a beta of 1.95. The stock’s 50 day moving average price is $1.98 and its two-hundred day moving average price is $1.80.

Insider Buying and Selling

In related news, insider Oene Mark Van sold 34,405 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the sale, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PCA Investment Advisory Services Inc. lifted its stake in Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 5,000 shares during the period. Atom Investors LP bought a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $30,000. Water Island Capital LLC raised its position in Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 9,537 shares during the last quarter. Atria Investments Inc raised its position in Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 10,138 shares during the last quarter. Finally, Centiva Capital LP bought a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $40,000.

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.