Pacific Biosciences of California (NASDAQ:PACB) Trading Up 12.8% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price shot up 12.8% on Thursday . The stock traded as high as $1.59 and last traded at $1.6250. 2,832,859 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 6,511,434 shares. The stock had previously closed at $1.44.

Analyst Upgrades and Downgrades

PACB has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Tuesday, April 21st. Barclays raised their target price on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Zacks Research cut shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $1.83.

Pacific Biosciences of California Trading Up 8.7%

The company has a market capitalization of $486.09 million, a price-to-earnings ratio of -3.64 and a beta of 2.35. The company’s 50 day simple moving average is $1.44 and its 200-day simple moving average is $1.67.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The business had revenue of $37.18 million during the quarter, compared to analyst estimates of $39.94 million. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds have recently made changes to their positions in the business. Essential Partners LLC acquired a new position in Pacific Biosciences of California in the first quarter valued at $25,000. Zacks Investment Management acquired a new stake in Pacific Biosciences of California in the 3rd quarter worth about $25,000. Caitong International Asset Management Co. Ltd grew its holdings in Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 20,478 shares during the period. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California in the 3rd quarter valued at about $29,000. Finally, Outlook Wealth Advisors LLC acquired a new position in shares of Pacific Biosciences of California during the 4th quarter valued at about $34,000.

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.