Pacific Biosciences of California (NASDAQ:PACB) Shares Up 7.1% – Should You Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) rose 7.1% during trading on Wednesday . The company traded as high as $1.8350 and last traded at $1.8530. Approximately 1,304,454 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 9,079,444 shares. The stock had previously closed at $1.73.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PACB. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Barclays increased their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Finally, Stephens upped their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Stock Performance

The business’s 50-day simple moving average is $2.03 and its two-hundred day simple moving average is $1.61. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The firm has a market cap of $554.00 million, a price-to-earnings ratio of -0.83 and a beta of 2.32.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share for the quarter. The business had revenue of $3.34 million during the quarter. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. As a group, sell-side analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. lifted its holdings in Pacific Biosciences of California by 2.4% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company’s stock valued at $25,789,000 after purchasing an additional 508,700 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Pacific Biosciences of California by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock worth $20,966,000 after buying an additional 362,797 shares during the last quarter. Geode Capital Management LLC increased its stake in Pacific Biosciences of California by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after buying an additional 401,637 shares in the last quarter. Millennium Management LLC raised its holdings in shares of 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. Finally, Koss Olinger Consulting LLC lifted its position in shares of Pacific Biosciences of California by 10.0% in the second quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock valued at $4,092,000 after acquiring an additional 300,000 shares in the last quarter.

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.