Pacific Biosciences of California, Inc. (NASDAQ:PACB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “In the past six months, shares of Pacific Biosciences underperformed the broader industry in terms of price. The company posted an unimpressive second quarter of fiscal 2017, registering wider-than-expected loss. Of the other concerns, the DNA sequencing market is highly competitive owing to the presence of several established players. Cutthroat competition in the niche space is a headwind in our view. On the brighter side, 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. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system and higher non-cash operating expenses are expected to mar prospects over the long haul. Meanwhile, the company witnessed significant strength in China. Notably, it has placed numerous system orders in the region with both new and existing customers.”

A number of other equities analysts have also issued reports on the company. BidaskClub raised Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research note on Tuesday. ValuEngine lowered Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 13th. Finally, Cantor Fitzgerald set a $8.00 price target on Pacific Biosciences of California and gave the company a “buy” rating in a research note on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $10.00.

Pacific Biosciences of California (PACB) opened at 4.30 on Thursday. Pacific Biosciences of California has a one year low of $3.08 and a one year high of $9.50. The firm’s market capitalization is $497.04 million. The company’s 50-day moving average price is $3.56 and its 200 day moving average price is $4.25.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.02. The firm had revenue of $20.07 million for the quarter, compared to the consensus estimate of $23.34 million. Pacific Biosciences of California had a negative net margin of 89.67% and a negative return on equity of 93.31%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. On average, analysts forecast that Pacific Biosciences of California will post ($0.90) earnings per share for the current year.

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Several large investors have recently added to or reduced their stakes in the company. Raging Capital Management LLC bought a new stake in Pacific Biosciences of California during the first quarter valued at $25,549,000. Gilder Gagnon Howe & Co. LLC raised its stake in Pacific Biosciences of California by 204.3% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 3,618,977 shares of the biotechnology company’s stock valued at $18,710,000 after buying an additional 2,429,528 shares in the last quarter. Frontier Capital Management Co. LLC bought a new stake in Pacific Biosciences of California during the second quarter valued at $5,363,000. Point72 Asset Management L.P. bought a new stake in Pacific Biosciences of California during the first quarter valued at $6,613,000. Finally, Morgan Stanley raised its stake in Pacific Biosciences of California by 129.0% in the first quarter. Morgan Stanley now owns 773,519 shares of the biotechnology company’s stock valued at $3,998,000 after buying an additional 435,774 shares in the last quarter. 55.42% of the stock is owned by institutional investors and hedge funds.

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 is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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