Shares of Pacific Biosciences of California Inc. (NASDAQ:PACB) rose 3.1% on Tuesday . The stock traded as high as $8.85 and last traded at $8.76, with a volume of 519,121 shares. The stock had previously closed at $8.50.

PACB has been the subject of several research reports. Cantor Fitzgerald reissued a “buy” rating and set a $18.00 price target on shares of Pacific Biosciences of California in a report on Wednesday, June 29th. CL King initiated coverage on Pacific Biosciences of California in a report on Monday, June 27th. They set a “buy” rating and a $11.00 price target for the company. Finally, Zacks Investment Research raised Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $9.75 price target for the company in a report on Tuesday, August 9th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Pacific Biosciences of California has an average rating of “Buy” and a consensus price target of $11.96.

The stock’s 50-day moving average is $8.53 and its 200 day moving average is $8.67. The firm’s market cap is $853.52 million.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.01. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The business earned $20.70 million during the quarter, compared to analyst estimates of $20.19 million. During the same period in the prior year, the company earned ($0.16) earnings per share. Pacific Biosciences of California’s revenue was down 16.9% compared to the same quarter last year. Equities research analysts expect that Pacific Biosciences of California Inc. will post ($0.85) earnings per share for the current year.

In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $8.45, for a total transaction of $169,000.00. Following the sale, the senior vice president now owns 198,949 shares in the company, valued at $1,681,119.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 19.80% of the company’s stock.

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock valued at $101,000 after buying an additional 2,227 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth about $104,000. First Allied Advisory Services Inc. increased its stake in shares of Pacific Biosciences of California by 4.3% in the second quarter. First Allied Advisory Services Inc. now owns 16,669 shares of the company’s stock worth $117,000 after buying an additional 680 shares during the period. Societe Generale acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth about $117,000. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth about $122,000. Hedge funds and other institutional investors own 66.70% of the company’s stock.

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’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.

5 Day Chart for NASDAQ:PACB

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