Pacific Biosciences of California (NASDAQ:PACB) Hits New 52-Week High – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $2.48 and last traded at $2.4650, with a volume of 11167576 shares trading hands. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Stephens upped their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Piper Sandler boosted their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.00.

Pacific Biosciences of California Trading Up 12.6%

The stock has a fifty day simple moving average of $1.65 and a 200 day simple moving average of $1.41. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. The firm has a market cap of $754.77 million, a P/E ratio of -1.09 and a beta of 2.30.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The business had revenue of $3.34 million for the quarter. On average, research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. bought a new stake in Pacific Biosciences of California in the 3rd quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 worth $29,000 after buying an additional 20,478 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of Pacific Biosciences of California by 78.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 49,900 shares of the biotechnology company’s stock worth $64,000 after buying an additional 22,000 shares during the last quarter. Water Island Capital LLC bought a new stake in shares of Pacific Biosciences of California in the third quarter worth $46,000. Finally, Millennium Management LLC increased its position in Pacific Biosciences of California by 500.9% during the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after acquiring an additional 4,098,555 shares during the last quarter.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.