CL King downgraded shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) from a buy rating to a neutral rating in a report issued on Thursday, MarketBeat.com reports. The firm currently has $6.80 price objective on the biotechnology company’s stock.

A number of other analysts have also recently commented on PACB. Zacks Investment Research cut Pacific Biosciences of California from a buy rating to a hold rating in a research report on Thursday, August 10th. BidaskClub raised Pacific Biosciences of California from a strong sell rating to a sell rating in a research report on Tuesday, August 8th. Finally, ValuEngine lowered Pacific Biosciences of California from a sell rating to a strong sell rating in a research report on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Pacific Biosciences of California presently has a consensus rating of Hold and an average target price of $9.20.

Shares of Pacific Biosciences of California (PACB) opened at 5.25 on Thursday. The company has a 50-day moving average price of $4.61 and a 200-day moving average price of $4.21. The stock’s market capitalization is $606.85 million. Pacific Biosciences of California has a 52-week low of $3.08 and a 52-week high of $9.28.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.02). Pacific Biosciences of California had a negative return on equity of 93.31% and a negative net margin of 89.67%. The business had revenue of $20.07 million for the quarter, compared to the consensus estimate of $23.34 million. During the same period in the previous year, the firm earned ($0.21) EPS. The company’s revenue was down 3.2% on a year-over-year basis. On average, equities analysts anticipate that Pacific Biosciences of California will post ($0.89) earnings per share for the current year.

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Institutional investors have recently bought and sold shares of the business. Karp Capital Management Corp purchased a new position in shares of Pacific Biosciences of California in the first quarter worth $116,000. HighTower Advisors LLC boosted its position in shares of Pacific Biosciences of California by 35.1% during the second quarter. HighTower Advisors LLC now owns 27,785 shares of the biotechnology company’s stock valued at $101,000 after buying an additional 7,225 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Pacific Biosciences of California by 601.5% during the first quarter. Bank of Montreal Can now owns 41,359 shares of the biotechnology company’s stock valued at $214,000 after buying an additional 35,463 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Pacific Biosciences of California by 17.5% during the second quarter. Voya Investment Management LLC now owns 41,653 shares of the biotechnology company’s stock valued at $148,000 after buying an additional 6,218 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $155,000. 68.32% of the stock is owned by institutional investors and hedge funds.

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 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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