Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 5.5% – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price was down 5.5% on Tuesday . The company traded as low as $1.65 and last traded at $1.6350. 381,982 shares changed hands during trading, a decline of 94% from the average session volume of 6,644,544 shares. The stock had previously closed at $1.73.

Analysts Set New Price Targets

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

Pacific Biosciences of California Trading Up 3.6%

The company’s 50 day moving average price is $1.44 and its 200-day moving average price is $1.65. The company has a market capitalization of $540.44 million, a PE ratio of -4.05 and a beta of 2.29.

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

Hedge Funds Weigh In On Pacific Biosciences of California

Large investors have recently modified their holdings of the company. Essential Partners LLC acquired a new position in shares of Pacific Biosciences of California in the 1st quarter valued at about $25,000. Zacks Investment Management acquired a new stake in Pacific Biosciences of California during the 3rd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd increased its position in Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Pacific Biosciences of California in the third quarter valued at approximately $29,000. Finally, Outlook Wealth Advisors LLC purchased a new position in Pacific Biosciences of California in the fourth quarter valued at approximately $34,000.

Pacific Biosciences of California Company Profile

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.