Pacific Biosciences of California (PACB) Trading 7.9% Higher

Shares of Pacific Biosciences of California (NASDAQ:PACB) traded up 7.9% during trading on Friday . The company traded as high as $2.77 and last traded at $2.72. 1,521,526 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 1,393,970 shares. The stock had previously closed at $2.52.

A number of analysts have commented on the company. Zacks Investment Research lowered Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Tuesday. BidaskClub raised Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a report on Thursday, December 21st. CL King lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 target price for the company. in a report on Thursday, September 28th. Finally, First Analysis lowered Pacific Biosciences of California from an “overweight” rating to an “equal weight” rating and set a $4.00 target price for the company. in a report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $6.27.

The stock has a market capitalization of $316.20, a P/E ratio of -2.99 and a beta of 1.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.75 and a quick ratio of 3.15.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.01. The firm had revenue of $23.54 million for the quarter, compared to the consensus estimate of $28.29 million. Pacific Biosciences of California had a negative return on equity of 97.50% and a negative net margin of 95.97%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period last year, the business posted ($0.19) EPS. analysts expect that Pacific Biosciences of California will post -0.9 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its stake in shares of Pacific Biosciences of California by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 104,614 shares of the biotechnology company’s stock worth $372,000 after buying an additional 2,650 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Pacific Biosciences of California by 0.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 468,907 shares of the biotechnology company’s stock worth $1,669,000 after buying an additional 3,970 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Pacific Biosciences of California by 7.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 70,533 shares of the biotechnology company’s stock worth $250,000 after buying an additional 5,145 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of Pacific Biosciences of California by 17.5% in the 2nd quarter. Voya Investment Management LLC now owns 41,653 shares of the biotechnology company’s stock worth $148,000 after buying an additional 6,218 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of Pacific Biosciences of California by 2.3% in the 2nd quarter. Stephens Inc. AR now owns 284,991 shares of the biotechnology company’s stock worth $1,015,000 after buying an additional 6,274 shares during the last quarter. Hedge funds and other institutional investors 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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