Pacific Biosciences of California Inc. (PACB) Downgraded by Zacks Investment Research to “Sell”
Pacific Biosciences of California Inc. (NASDAQ:PACB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Pacific Biosciences’ second quarterly numbers fell year over year. In addition to the headwind related to the limited availability of Single Molecule, Real-Time (SMRT) cells for the Sequel system and lower contractual revenues, higher non-cash operating expenses will hurt bottom-line growth. We believe persistent losses and cash burn are the primary headwinds in the near term. Meanwhile, estimates have been falling lately ahead of the company’s third-quarter earnings release. Nevertheless, we believe growing adoption of the Sequel system will boost the top line in 2016 and beyond. Moreover, lower product development cost for the Sequel system will expand gross margin. Additionally, development and distribution collaborations will drive market penetration over the long haul.”
A number of other brokerages also recently commented on PACB. CL King started coverage on Pacific Biosciences of California in a research note on Monday, June 27th. They issued a “buy” rating and a $11.00 target price on the stock. Cantor Fitzgerald restated a “buy” rating and issued a $18.00 target price on shares of Pacific Biosciences of California in a research note on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Pacific Biosciences of California has an average rating of “Buy” and a consensus price target of $12.46.
Pacific Biosciences of California (NASDAQ:PACB) traded up 3.06% during mid-day trading on Wednesday, reaching $9.08. The company’s stock had a trading volume of 255,682 shares. The firm’s 50 day moving average is $8.70 and its 200-day moving average is $8.72. The company’s market cap is $834.23 million. Pacific Biosciences of California has a 12-month low of $6.40 and a 12-month high of $14.00.
Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, August 4th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The firm had revenue of $20.70 million for the quarter, compared to the consensus estimate of $20.19 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The company’s revenue was down 16.9% compared to the same quarter last year. Equities analysts anticipate that Pacific Biosciences of California will post ($0.85) earnings per share for the current fiscal year.
In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $8.45, for a total transaction of $169,000.00. Following the transaction, the senior vice president now owns 198,949 shares in the company, valued at $1,681,119.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.80% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock valued at $101,000 after buying an additional 2,227 shares during the period. Stevens Capital Management LP purchased a new position in Pacific Biosciences of California during the second quarter valued at $104,000. First Allied Advisory Services Inc. increased its position in Pacific Biosciences of California by 4.3% in the second quarter. First Allied Advisory Services Inc. now owns 16,669 shares of the company’s stock valued at $117,000 after buying an additional 680 shares during the period. Societe Generale purchased a new position in Pacific Biosciences of California during the second quarter valued at $117,000. Finally, Highbridge Capital Management LLC purchased a new position in Pacific Biosciences of California during the second quarter valued at $122,000. Institutional investors and hedge funds own 66.70% of the company’s stock.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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