Pacific Biosciences of California, Inc. (NASDAQ:PACB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “In the past six months, shares of Pacific Biosciences underperformed the broader industry in terms of price. The company posted an unimpressive second quarter of fiscal 2017, registering wider-than-expected loss. Of the other concerns, the DNA sequencing market is highly competitive owing to the presence of several established players. Cutthroat competition in the niche space is a headwind in our view. On the brighter side, solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system and higher non-cash operating expenses are expected to mar prospects over the long haul. Meanwhile, the company witnessed significant strength in China. Notably, it has placed numerous system orders in the region with both new and existing customers.”
A number of other analysts have also commented on the stock. BidaskClub raised shares of Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a report on Tuesday. ValuEngine lowered shares of Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 13th. Finally, Cantor Fitzgerald set a $8.00 target price on shares of Pacific Biosciences of California and gave the stock a “buy” rating in a report on Thursday, April 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Pacific Biosciences of California currently has an average rating of “Hold” and an average target price of $10.00.
Shares of Pacific Biosciences of California (NASDAQ PACB) opened at 4.30 on Thursday. The stock’s 50 day moving average price is $3.56 and its 200 day moving average price is $4.25. The company’s market capitalization is $497.04 million. Pacific Biosciences of California has a 1-year low of $3.08 and a 1-year high of $9.50.
Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.02. Pacific Biosciences of California had a negative return on equity of 93.31% and a negative net margin of 89.67%. The business had revenue of $20.07 million for the quarter, compared to analyst estimates of $23.34 million. During the same period in the prior year, the firm posted ($0.21) EPS. Pacific Biosciences of California’s revenue was down 3.2% on a year-over-year basis. Analysts expect that Pacific Biosciences of California will post ($0.90) EPS for the current year.
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Several institutional investors have recently made changes to their positions in PACB. Raging Capital Management LLC purchased a new position in shares of Pacific Biosciences of California during the first quarter valued at about $25,549,000. Gilder Gagnon Howe & Co. LLC raised its position in shares of Pacific Biosciences of California by 204.3% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 3,618,977 shares of the biotechnology company’s stock valued at $18,710,000 after buying an additional 2,429,528 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at about $5,363,000. Point72 Asset Management L.P. purchased a new position in shares of Pacific Biosciences of California during the first quarter valued at about $6,613,000. Finally, Morgan Stanley raised its position in shares of Pacific Biosciences of California by 129.0% in the first quarter. Morgan Stanley now owns 773,519 shares of the biotechnology company’s stock valued at $3,998,000 after buying an additional 435,774 shares during the period. 55.42% of the stock is owned by institutional investors.
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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