Pacific Biosciences of California (NASDAQ:PACB) Trading Up 6.2% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares rose 6.2% during mid-day trading on Tuesday . The company traded as high as $2.14 and last traded at $2.1350. Approximately 2,029,306 shares changed hands during trading, a decline of 74% from the average daily volume of 7,790,382 shares. The stock had previously closed at $2.01.

Wall Street Analyst Weigh In

PACB has been the topic of several recent analyst reports. Piper Sandler raised their price target 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. Barclays upped their target price 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Finally, Stephens boosted their price target 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. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Stock Performance

The firm’s fifty day moving average price is $2.04 and its 200 day moving average price is $1.67. The firm has a market cap of $709.49 million, a P/E ratio of -1.07 and a beta of 2.20. The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PACB. Intech Investment Management LLC raised its holdings in Pacific Biosciences of California by 5.2% in the third quarter. Intech Investment Management LLC now owns 132,368 shares of the biotechnology company’s stock worth $169,000 after purchasing an additional 6,564 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Pacific Biosciences of California by 2.1% in the 3rd quarter. Rhumbline Advisers now owns 415,679 shares of the biotechnology company’s stock valued at $532,000 after buying an additional 8,532 shares in the last quarter. Green Alpha Advisors LLC grew its position in shares of Pacific Biosciences of California by 5.4% in the 4th quarter. Green Alpha Advisors LLC now owns 183,466 shares of the biotechnology company’s stock worth $343,000 after buying an additional 9,441 shares during the last quarter. Mirador Capital Partners LP raised its stake in shares of Pacific Biosciences of California by 1.7% during the 4th quarter. Mirador Capital Partners LP now owns 591,005 shares of the biotechnology company’s stock worth $1,105,000 after acquiring an additional 9,612 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Pacific Biosciences of California by 10.1% during the 2nd quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock worth $130,000 after acquiring an additional 9,617 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.