Zacks Investment Research cut shares of Pacific Biosciences of California (NASDAQ:PACB) from a hold rating to a sell rating in a report issued on Tuesday morning.

According to Zacks, “Pacific Biosciences has had an unfavorable run on the bourses over the last six months. Sluggishness in European markets is a headwind. Cutthroat competition in the niche space is an added concern. Problems related to the limited availability of SMRT cells for the Sequel system and higher non-cash operating expenses are expected to mar prospects. However, solid contribution from the Instrument and Consumable revenue platforms has been boosting Pacific Biosciences' growth trajectory. The improvement in margin and sales of the company’s flagship Sequel System is encouraging. Pacific Biosciences has been witnessing significant strength in China lately. Notably, it placed numerous system orders in the region. The company is working on the new version of its Sequel SMRT Cell (Single Molecule, Real-Time) that has eight times the capacity of the existing one.”

Several other analysts have also recently commented on the stock. First Analysis cut shares of Pacific Biosciences of California from an overweight rating to an equal weight rating and set a $4.00 price target on the stock. in a research note on Friday, November 3rd. CL King cut shares of Pacific Biosciences of California from a buy rating to a neutral rating and set a $6.80 price target on the stock. in a research note on Thursday, September 28th. Finally, BidaskClub upgraded shares of Pacific Biosciences of California from a strong sell rating to a sell rating in a research note on Thursday, December 21st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $6.27.

Shares of Pacific Biosciences of California (NASDAQ PACB) traded up $0.20 during mid-day trading on Tuesday, reaching $2.72. 1,521,526 shares of the company’s stock traded hands, compared to its average volume of 1,090,000. The stock has a market cap of $316.20, a PE ratio of -2.99 and a beta of 1.75. Pacific Biosciences of California has a 1-year low of $2.51 and a 1-year high of $5.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.15 and a current ratio of 3.75.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The business had revenue of $23.54 million for the quarter, compared to analysts’ expectations of $28.29 million. Pacific Biosciences of California had a negative net margin of 95.97% and a negative return on equity of 97.50%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.19) EPS. research analysts forecast that Pacific Biosciences of California will post -0.89 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Maverick Capital Ltd. increased its holdings in shares of Pacific Biosciences of California by 16.9% in the 2nd quarter. Maverick Capital Ltd. now owns 10,603,944 shares of the biotechnology company’s stock worth $37,750,000 after buying an additional 1,530,070 shares during the last quarter. Capital World Investors increased its holdings in shares of Pacific Biosciences of California by 532.3% in the 2nd quarter. Capital World Investors now owns 7,840,000 shares of the biotechnology company’s stock worth $27,910,000 after buying an additional 6,600,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Pacific Biosciences of California by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,929,300 shares of the biotechnology company’s stock worth $13,988,000 after buying an additional 283,216 shares during the last quarter. State Street Corp increased its holdings in shares of Pacific Biosciences of California by 7.5% in the 2nd quarter. State Street Corp now owns 1,521,245 shares of the biotechnology company’s stock worth $5,419,000 after buying an additional 106,607 shares during the last quarter. Finally, Kennedy Capital Management Inc. increased its holdings in shares of Pacific Biosciences of California by 52.4% in the 2nd quarter. Kennedy Capital Management Inc. now owns 1,240,391 shares of the biotechnology company’s stock worth $4,416,000 after buying an additional 426,269 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

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About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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