In a recent transaction, Michele Farmer, the Chief Accounting Officer of Pacific Biosciences (NASDAQ:PACB) of California, Inc. (NASDAQ:PACB), sold a total of 5,275 shares of the company's common stock. The transaction, which took place on May 20, 2024, was executed at a price of $2.03 per share, resulting in a total sale amount of over $10,708.
The sale was part of an automatic process to cover tax withholding obligations associated with the vesting of restricted stock units, as noted in the footnotes of the filing. Following the transaction, Farmer's remaining holdings in the company amount to 211,941 shares of common stock.
Pacific Biosciences of California, Inc., known for its work in laboratory analytical instruments, has not provided any additional comments regarding this stock sale. Investors and market watchers often pay close attention to insider transactions as they may provide insights into the company's financial health and future prospects.
InvestingPro Insights
Amidst the insider trading activity at Pacific Biosciences of California, Inc. (NASDAQ:PACB), the market is keeping a keen eye on the company's performance metrics and future outlook. According to recent data, Pacific Biosciences has a market capitalization of $503.86 million, which provides a snapshot of the company's size in the competitive landscape. Despite a challenging period, the company has demonstrated robust revenue growth over the last twelve months as of Q1 2024, with an increase of 49.54%. However, this growth does not extend to the most recent quarter, where revenue slightly declined by 0.23%.
InvestingPro Tips indicate that analysts are not expecting Pacific Biosciences to be profitable this year, aligning with the company's reported operating income margin of -154.35% for the last twelve months as of Q1 2024. This financial strain is further evidenced by the company's quick cash burn rate. On the upside, Pacific Biosciences' liquid assets still manage to surpass its short-term obligations, suggesting some degree of financial flexibility in the near term.
Investors should also note the stock's volatility, with a significant 18.59% return over the last month, yet a -85.83% return over the last year. This volatility could be an important consideration for those looking to invest or currently holding PACB stock. For those seeking more comprehensive analysis and additional InvestingPro Tips, there are 11 more tips available for Pacific Biosciences at InvestingPro, which could further inform investment decisions. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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