Pacific Biosciences of California (NASDAQ:PACB)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $7.27 and last traded at $7.23, with a volume of 10461 shares traded. The stock had previously closed at $7.08.

Several research analysts have recently issued reports on PACB shares. Cantor Fitzgerald reissued a “buy” rating and issued a $5.00 price target on shares of Pacific Biosciences of California in a research note on Wednesday, June 10th. Zacks Investment Research cut Pacific Biosciences of California from a “hold” rating to a “sell” rating and set a $4.00 price target for the company. in a research note on Wednesday, July 1st. Morgan Stanley began coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They issued an “equal weight” rating and a $7.00 price target for the company. Finally, BidaskClub upgraded shares of Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $5.80.

The firm’s fifty day simple moving average is $5.69 and its 200 day simple moving average is $4.00. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -22.18 and a beta of 2.03.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.04. The firm had revenue of $17.08 million for the quarter, compared to analysts’ expectations of $13.84 million. Pacific Biosciences of California had a negative net margin of 61.85% and a negative return on equity of 150.00%. As a group, equities analysts anticipate that Pacific Biosciences of California will post -0.39 earnings per share for the current year.

In related news, CEO Michael Hunkapiller sold 259,164 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $6.63, for a total value of $1,718,257.32. Following the completion of the sale, the chief executive officer now directly owns 2,398,215 shares of the company’s stock, valued at approximately $15,900,165.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.00% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in shares of Pacific Biosciences of California by 6.7% during the 1st quarter. BlackRock Inc. now owns 12,834,826 shares of the biotechnology company’s stock valued at $39,275,000 after acquiring an additional 801,506 shares in the last quarter. Aperio Group LLC increased its position in Pacific Biosciences of California by 8.0% in the 1st quarter. Aperio Group LLC now owns 103,175 shares of the biotechnology company’s stock worth $316,000 after purchasing an additional 7,681 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Pacific Biosciences of California during the 1st quarter worth about $93,000. Swiss National Bank raised its stake in shares of Pacific Biosciences of California by 1.4% during the 1st quarter. Swiss National Bank now owns 252,246 shares of the biotechnology company’s stock worth $772,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Pacific Biosciences of California by 4.3% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 73,070 shares of the biotechnology company’s stock valued at $224,000 after buying an additional 3,017 shares during the last quarter. Institutional investors own 72.46% of the company’s stock.

About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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