Pacific Biosciences of California (NASDAQ:PACB) Trading Down 6.6% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares dropped 6.6% on Thursday . The company traded as low as $2.25 and last traded at $2.2050. Approximately 660,450 shares traded hands during trading, a decline of 92% from the average daily volume of 8,194,578 shares. The stock had previously closed at $2.36.

Analysts Set New Price Targets

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

Pacific Biosciences of California Trading Down 6.0%

The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24. The firm has a market capitalization of $667.22 million, a P/E ratio of -1.00 and a beta of 2.20. The firm has a 50 day moving average price of $2.05 and a two-hundred day moving average price of $1.68.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The company had revenue of $38.44 million for the quarter, compared to analyst estimates of $40.25 million. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. On average, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Pacific Biosciences of California by 2.3% in the third 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 period. Geode Capital Management LLC increased its holdings in shares of Pacific Biosciences of California by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock valued at $8,333,000 after purchasing an additional 401,637 shares during the period. Millennium Management LLC lifted its position in shares of Pacific Biosciences of California by 500.9% in the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock worth $6,293,000 after purchasing an additional 4,098,555 shares in the last quarter. Koss Olinger Consulting LLC boosted its holdings in shares of Pacific Biosciences of California by 10.0% during the second quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock worth $4,092,000 after purchasing an additional 300,000 shares during the period. Finally, Amiral Gestion purchased a new position in Pacific Biosciences of California during the second quarter valued at approximately $3,208,000.

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.