Pacific Biosciences of California, Inc. (NASDAQ:PACB) Short Interest Down 13.8% in March

Pacific Biosciences of California, Inc. (NASDAQ:PACB) was the target of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 53,410,000 shares, a decline of 13.8% from the February 28th total of 61,980,000 shares. Based on an average trading volume of 10,840,000 shares, the short-interest ratio is presently 4.9 days. Currently, 20.0% of the company’s shares are short sold.

Pacific Biosciences of California Stock Down 2.8 %

PACB traded down $0.04 on Thursday, hitting $1.24. 2,312,201 shares of the company were exchanged, compared to its average volume of 10,118,666. The firm has a 50-day moving average price of $1.44 and a two-hundred day moving average price of $1.75. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California has a twelve month low of $1.08 and a twelve month high of $3.70. The company has a market cap of $367.85 million, a price-to-earnings ratio of -0.75 and a beta of 1.86.

Pacific Biosciences of California (NASDAQ:PACB) last announced 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). The business had revenue of $39.22 million during the quarter, compared to the consensus estimate of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. During the same period in the previous year, the company posted ($0.27) earnings per share. On average, equities analysts predict that Pacific Biosciences of California will post -0.72 earnings per share for the current year.

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Oene Mark Van sold 34,405 shares of Pacific Biosciences of California stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the sale, the insider now owns 1,597,454 shares in the company, valued at $3,242,831.62. The trade was a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michele Farmer sold 24,349 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total value of $45,776.12. Following the completion of the transaction, the insider now directly owns 187,592 shares in the company, valued at approximately $352,672.96. This trade represents a 11.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of large investors have recently modified their holdings of the company. PCA Investment Advisory Services Inc. grew its stake in shares of 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 in the last quarter. Atom Investors LP purchased a new stake in Pacific Biosciences of California during the 3rd quarter worth about $30,000. Centiva Capital LP purchased a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at about $40,000. First Trust Advisors LP acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter worth about $42,000. Finally, Boothbay Fund Management LLC purchased a new stake in Pacific Biosciences of California during the fourth quarter worth approximately $43,000.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. Stephens reaffirmed an “overweight” rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a research report on Friday, February 14th. Scotiabank cut their target price on Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, March 25th. Piper Sandler restated a “neutral” rating and set a $2.00 price target (down from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.46.

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.