Pacific Biosciences of California (NASDAQ:PACB) Shares Up 7.1% – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price rose 7.1% during mid-day trading on Wednesday . The company traded as high as $1.8350 and last traded at $1.8530. Approximately 1,304,454 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 9,079,444 shares. The stock had previously closed at $1.73.

Analyst Upgrades and Downgrades

Several research firms recently commented on PACB. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Barclays increased their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a research note on Monday, December 15th. Finally, Stephens raised their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Trading Up 6.1%

The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The business has a 50-day simple moving average of $2.03 and a 200-day simple moving average of $1.61. The company has a market cap of $554.00 million, a PE ratio of -0.83 and a beta of 2.32.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. The firm had revenue of $3.34 million for the quarter. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. On average, analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PACB. Amiral Gestion acquired a new stake in Pacific Biosciences of California in the 2nd quarter valued at about $3,208,000. Nuveen LLC purchased a new position in Pacific Biosciences of California in the first quarter valued at approximately $319,000. Geode Capital Management LLC raised its stake in Pacific Biosciences of California by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after acquiring an additional 401,637 shares in the last quarter. Invesco Ltd. increased its position in shares of Pacific Biosciences of California by 100.6% during the first quarter. Invesco Ltd. now owns 524,643 shares of the biotechnology company’s stock worth $619,000 after purchasing an additional 263,067 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in shares of Pacific Biosciences of California by 95.5% in the second quarter. XTX Topco Ltd now owns 954,596 shares of the biotechnology company’s stock valued at $1,184,000 after acquiring an additional 466,359 shares during the period.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.