Pacific Biosciences of California, Inc. (NASDAQ:PACB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Pacific Biosciences posted narrower-than-expected loss in the third quarter. Solid contribution from the Instrument and Consumable revenue platforms has been boosting the company’s 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. On the flipside, 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. Pacific Biosciences has had an unfavorable run on the bourses over the last six months.”
A number of other research firms have also recently issued reports on PACB. CL King cut shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 target price for the company. in a research note on Thursday, September 28th. BidaskClub upgraded shares of Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th. Finally, First Analysis cut shares of 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 research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, three 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.
Shares of Pacific Biosciences of California (NASDAQ:PACB) traded up $0.04 during mid-day trading on Thursday, reaching $2.92. 957,900 shares of the company’s stock were exchanged, compared to its average volume of 1,019,942. The company has a quick ratio of 3.15, a current ratio of 3.75 and a debt-to-equity ratio of 0.10. Pacific Biosciences of California has a 12-month low of $2.66 and a 12-month high of $8.32.
Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $23.54 million during 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%. Pacific Biosciences of California’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.19) EPS. equities research analysts predict that Pacific Biosciences of California will post -0.88 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Pacific Biosciences of California by 23.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 459,558 shares of the biotechnology company’s stock worth $2,412,000 after buying an additional 86,415 shares during the last quarter. Aperio Group LLC raised its stake in Pacific Biosciences of California by 105.5% in the 3rd quarter. Aperio Group LLC now owns 42,396 shares of the biotechnology company’s stock worth $223,000 after purchasing an additional 21,766 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in Pacific Biosciences of California by 2.8% in the 3rd quarter. Mutual of America Capital Management LLC now owns 482,088 shares of the biotechnology company’s stock worth $2,531,000 after purchasing an additional 13,181 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in 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 purchasing an additional 5,145 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new stake in Pacific Biosciences of California in the 2nd quarter worth about $155,000. Institutional investors own 68.09% of the company’s stock.
Pacific Biosciences of California Company Profile
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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