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PACB Trading Below Director's Recent Buy Price
By Market News Video Staff, Tuesday, March 12, 11:39 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 6, Pacific Biosciences of California Inc's Director, David W. Meline, invested $176,160.00 into 40,000 shares of PACB, for a cost per share of $4.40. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Tuesday, bargain hunters could buy shares of Pacific Biosciences of California Inc (NASDAQ:PACB) and achieve a cost basis 2.4% cheaper than Meline, with shares changing hands as low as $4.30 per share. Pacific Biosciences of California Inc shares are currently trading down about 0.7% on the day. The chart below shows the one year performance of PACB shares, versus its 200 day moving average:
Looking at the chart above, PACB's low point in its 52 week range is $4 per share, with $14.55 as the 52 week high point — that compares with a last trade of $4.24. By comparison, below is a table showing the prices at which PACB insider buying was recorded over the last six months:
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