Pacific Biosciences of California Inc. (NASDAQ:PACB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.

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.”

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald reissued a “buy” rating and set a $18.00 price objective on shares of Pacific Biosciences of California in a research note on Wednesday, June 29th. CL King started coverage on Pacific Biosciences of California in a research note on Monday, June 27th. They set a “buy” rating and a $11.00 price objective for the company. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $12.46.

Analyst Recommendations for Pacific Biosciences of California (NASDAQ:PACB)

Shares of Pacific Biosciences of California (NASDAQ:PACB) opened at 8.69 on Monday. Pacific Biosciences of California has a 52 week low of $6.76 and a 52 week high of $14.00. The firm’s 50-day moving average price is $8.70 and its 200 day moving average price is $8.74. The firm’s market capitalization is $798.39 million.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. The business earned $20.70 million during the quarter, compared to analyst estimates of $20.19 million. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same period last year, the company posted ($0.16) EPS. On average, analysts anticipate that Pacific Biosciences of California will post ($0.85) EPS for the current year.

In other news, SVP James Michael Phillips sold 20,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $8.45, for a total value of $169,000.00. Following the completion of the sale, the senior vice president now owns 198,949 shares of the company’s stock, valued at $1,681,119.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 19.80% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Bridger Management LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at about $34,823,000. BlackRock Group LTD raised its stake in shares of Pacific Biosciences of California by 5.7% in the first quarter. BlackRock Group LTD now owns 321,298 shares of the company’s stock valued at $2,731,000 after buying an additional 17,397 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Pacific Biosciences of California by 80.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the company’s stock valued at $7,650,000 after buying an additional 400,000 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Pacific Biosciences of California by 8.0% in the second quarter. California State Teachers Retirement System now owns 159,794 shares of the company’s stock valued at $1,124,000 after buying an additional 11,874 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Pacific Biosciences of California by 79.9% in the first quarter. Barclays PLC now owns 83,445 shares of the company’s stock valued at $668,000 after buying an additional 37,065 shares in the last quarter. Institutional investors and hedge funds own 66.69% of the company’s stock.

Pacific Biosciences of California Company Profile

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.

5 Day Chart for NASDAQ:PACB

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