Pacific Biosciences of California (NASDAQ:PACB) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Pacific Biosciences of California (NASDAQ:PACB) from a hold rating to a sell rating in a research note released on Saturday morning.

PACB has been the topic of a number of other research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Friday, July 17th. Barclays lifted their price objective on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Zacks Research lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $1.83.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $1.19 on Friday. The company has a market cap of $368.06 million, a price-to-earnings ratio of -2.76 and a beta of 2.31. The stock’s fifty day moving average price is $1.46 and its 200 day moving average price is $1.55. Pacific Biosciences of California has a 1 year low of $1.09 and a 1 year high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The firm had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative return on equity of 1,043.14% and a negative net margin of 82.49%. Research analysts expect that Pacific Biosciences of California will post -0.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PACB. Creative Planning raised its position in Pacific Biosciences of California by 245.9% during the second quarter. Creative Planning now owns 175,690 shares of the biotechnology company’s stock worth $218,000 after acquiring an additional 124,893 shares during the period. Cetera Investment Advisers grew its position in shares of Pacific Biosciences of California by 10.1% in the second quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 9,617 shares during the period. Prudential Financial Inc. increased its stake in shares of Pacific Biosciences of California by 73.0% during the second quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock worth $44,000 after purchasing an additional 15,062 shares in the last quarter. Invesco Ltd. raised its position in shares of Pacific Biosciences of California by 60.0% during the 2nd quarter. Invesco Ltd. now owns 839,340 shares of the biotechnology company’s stock worth $1,041,000 after purchasing an additional 314,697 shares during the last quarter. Finally, HUB Investment Partners LLC purchased a new position in Pacific Biosciences of California in the 2nd quarter valued at about $77,000.

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.