Stock traders buy high volume call options from Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) was the target of unusually heavy options trading activity on Wednesday. Traders bought 28,406 call options on the company. This is an increase of approximately 469% from the typical volume of 4,995 call options.

Wall Street analysts predict growth

PACB has been the subject of a number of recent research reports. Canaccord Genuity Group lowered its price target on shares of Pacific Biosciences of California from $17.00 to $14.00 and set a “buy” rating for the company in a Friday, Aug. 5 research report . Cowen lowered his price target on shares of Pacific Biosciences of California to $8.00 in a Tuesday, Aug. 9 research note. Finally, Piper Sandler cut her price target on shares of Pacific Biosciences of California from $7.50 to $6.00 in a Sunday, August 21 report. One analyst rated the stock with a sell rating, one gave the company a hold rating and three gave the company’s stock a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.40.

Pacific Biosciences of California trades up 7.0%

Shares of PACB traded up $0.58 during the midday session on Wednesday, hitting $8.81. 910,084 shares of the company have been traded, compared to its average volume of 5,633,233. The company has a market capitalization of $1.98 billion, a P/E ratio of -9.75 and a beta of 1 ,26. The company’s 50-day moving average price is $6.20 and its 200-day moving average price is $5.83. Pacific Biosciences of California has a 1-year minimum of $3.85 and a 1-year maximum of $31.10. The company has a quick ratio of 11.07, a current ratio of 11.50 and a debt ratio of 1.31.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last reported results on Wednesday, August 3. The biotech company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Pacific Biosciences of California had a negative return on equity of 35.76% and a negative net margin of 147.39%. The company posted revenue of $35.47 million for the quarter, versus a consensus estimate of $35.54 million. In the same period a year earlier, the company posted ($0.21) earnings per share. As a group, sell-side analysts expect Pacific Biosciences of California to post -1.37 EPS for the current fiscal year.

Insiders place their bets

In other news, insider Susan G. Kim sold 12,968 shares of the company in a trade that took place on Thursday, September 29. The stock was sold at an average price of $5.61, for a total transaction of $72,750.48. Following the transaction, the insider now directly owns 163,488 shares of the company, valued at approximately $917,167.68. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Separately, insider Christian O. Henry sold 91,307 shares of the company in a trade on Thursday, September 15. The shares were sold at an average price of $5.78, for a total transaction of $527,754.46. Following the completion of the sale, the insider now directly owns 688,551 shares of the company, valued at approximately $3,979,824.78. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, insider Susan G. Kim sold 12,968 shares of the company in a trade on Thursday, September 29. The stock was sold at an average price of $5.61, for a total transaction of $72,750.48. Following the completion of the transaction, the insider now owns 163,488 shares of the company, valued at approximately $917,167.68. The disclosure of this sale can be found here. Company insiders own 1.40% of the company’s shares.

Institutional entries and exits

Hedge funds and other institutional investors have recently changed their stakes in the company. Captrust Financial Advisors increased its holdings of Pacific Biosciences of California shares by 217.2% in the second quarter. Captrust Financial Advisors now owns 6,163 shares of the biotech company valued at $27,000 after buying an additional 4,220 shares last quarter. Byrne Asset Management LLC increased its holdings of Pacific Biosciences of California stock by 55.8% during the third quarter. Byrne Asset Management LLC now owns 5,140 shares of the biotech company valued at $30,000 after buying an additional 1,840 shares last quarter. Harbor Investment Advisory LLC increased its holdings of Pacific Biosciences of California stock by 94.5% in the first quarter. Harbor Investment Advisory LLC now owns 3,636 shares of the biotech company valued at $33,000 after buying 1,767 additional shares last quarter. National Bank of Canada FI increased its stake in Pacific Biosciences of California by 130.8% in the third quarter. National Bank of Canada FI now owns 6,000 shares of the biotech company valued at $35,000 after acquiring an additional 3,400 shares during the period. Finally, Versor Investments LP bought a new position in California’s Pacific Biosciences in the second quarter, valued at around $44,000.

Pacific Biosciences of California Company Profile

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Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to solve genetically complex problems. The company provides PacBio systems, which conduct, monitor and analyze biochemical sequencing reactions; consumables, including single molecule real-time (SMRT) cells; and various reagent kits designed for a specific workflow, such as the template prep kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers and exonucleases.

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