Pacific Biosciences of California, Inc. (NASDAQ:PACB) Expected to Announce Quarterly Sales of $29.95 Million

Wall Street brokerages expect that Pacific Biosciences of California, Inc. (NASDAQ:PACB) will post sales of $29.95 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Pacific Biosciences of California’s earnings, with the highest sales estimate coming in at $30.18 million and the lowest estimate coming in at $29.66 million. Pacific Biosciences of California posted sales of $17.08 million during the same quarter last year, which would suggest a positive year over year growth rate of 75.4%. The business is scheduled to report its next quarterly earnings results on Monday, August 2nd.

According to Zacks, analysts expect that Pacific Biosciences of California will report full year sales of $134.25 million for the current year, with estimates ranging from $129.71 million to $137.26 million. For the next financial year, analysts expect that the business will report sales of $190.10 million, with estimates ranging from $182.22 million to $200.13 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Pacific Biosciences of California.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, April 29th. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.27. Pacific Biosciences of California had a negative return on equity of 43.06% and a negative net margin of 64.25%. The business had revenue of $29.00 million during the quarter, compared to analysts’ expectations of $25.66 million.

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald increased their target price on Pacific Biosciences of California from $45.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 11th. Piper Sandler raised Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and raised their price target for the company from $20.00 to $52.00 in a report on Thursday, February 11th. Morgan Stanley raised their price target on Pacific Biosciences of California from $12.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, February 12th. TheStreet cut Pacific Biosciences of California from a “c” rating to a “d+” rating in a report on Tuesday, May 4th. Finally, Zacks Investment Research raised Pacific Biosciences of California from a “sell” rating to a “hold” rating and set a $32.00 price target for the company in a report on Tuesday, April 13th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $41.20.

In other Pacific Biosciences of California news, Director William W. Ericson sold 37,500 shares of the stock in a transaction on Tuesday, May 25th. The stock was sold at an average price of $25.89, for a total value of $970,875.00. Following the transaction, the director now directly owns 12,500 shares in the company, valued at approximately $323,625. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PACB. Wealthcare Advisory Partners LLC bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth $29,000. Front Row Advisors LLC bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth $33,000. Eaton Vance Management bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth $40,000. Captrust Financial Advisors bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth $88,000. Finally, Concord Wealth Partners boosted its position in shares of Pacific Biosciences of California by 3,175.0% in the 1st quarter. Concord Wealth Partners now owns 3,144 shares of the biotechnology company’s stock worth $105,000 after purchasing an additional 3,048 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Shares of PACB traded up $0.71 during mid-day trading on Thursday, reaching $29.76. The company had a trading volume of 1,842,026 shares, compared to its average volume of 4,039,158. Pacific Biosciences of California has a twelve month low of $3.32 and a twelve month high of $53.69. The company has a quick ratio of 34.97, a current ratio of 35.45 and a debt-to-equity ratio of 3.19. The stock’s 50-day moving average price is $28.52. The stock has a market cap of $5.90 billion, a P/E ratio of -80.40 and a beta of 1.12.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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