Pacific Biosciences of California Inc. (PACB) Upgraded by Zacks Investment Research to Hold
According to Zacks, “In the past six months, Pacific Biosciences’ share price persistently underperformed the broader industry trend. However, in the last 30 days, earnings estimates have been moved downwards reflecting sluggish third quarter performance. We note that, Pacific Biosciences exhibited a promising third quarter of 2016, registering narrower loss on a year-over-year basis and squarely beating the Zacks Consensus Estimate. However, the guidance cut for the full year fails to impress. Solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. On the flipside, persistent losses and cash burn are the primary headwinds. Moreover, the headwind related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system, flat contractual revenues in the last reported quarter and higher non-cash operating expenses will hurt the”
Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. restated a hold rating and issued a $12.00 price objective on shares of Pacific Biosciences of California in a report on Thursday, November 3rd. Cantor Fitzgerald decreased their price objective on shares of Pacific Biosciences of California from $18.00 to $15.00 and set a buy rating for the company in a report on Thursday, November 3rd. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Pacific Biosciences of California has an average rating of Buy and a consensus price target of $12.12.
Pacific Biosciences of California (NASDAQ:PACB) opened at 7.70 on Tuesday. Pacific Biosciences of California has a 52-week low of $6.61 and a 52-week high of $14.00. The company’s market capitalization is $713.37 million. The company’s 50 day moving average is $8.15 and its 200-day moving average is $8.49.
Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.19) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. Pacific Biosciences of California had a negative net margin of 56.04% and a negative return on equity of 61.51%. The business earned $25.10 million during the quarter, compared to analyst estimates of $24.68 million. During the same period in the prior year, the business earned $0.02 EPS. The company’s revenue for the quarter was up 80.6% on a year-over-year basis. Equities analysts anticipate that Pacific Biosciences of California will post ($0.85) EPS for the current fiscal year.
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In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $8.44, for a total transaction of $168,800.00. Following the transaction, the senior vice president now owns 201,449 shares in the company, valued at approximately $1,700,229.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 19.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in shares of 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. LPL Financial LLC acquired a new position in shares of Pacific Biosciences of California during the third quarter valued at $101,000. Stevens Capital Management LP acquired a new position in shares of Pacific Biosciences of California during the second quarter valued at $104,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Pacific Biosciences of California during the third quarter valued at $106,000. Finally, Societe Generale acquired a new position in shares of Pacific Biosciences of California during the second quarter valued at $117,000. Hedge funds and other institutional investors own 70.20% 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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