Pacific Biosciences of California (NASDAQ:PACB) Trading Down 5.1% – Should You Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares were down 5.1% during mid-day trading on Friday . The company traded as low as $1.79 and last traded at $1.7850. Approximately 1,827,647 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 9,124,740 shares. The stock had previously closed at $1.88.

Analyst Ratings Changes

Several analysts recently issued reports on PACB shares. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Stephens increased their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Finally, Barclays upped their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a research note on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California currently has a consensus rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Trading Down 5.1%

The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The firm’s 50 day moving average is $2.04 and its two-hundred day moving average is $1.59. The stock has a market cap of $538.91 million, a price-to-earnings ratio of -0.81 and a beta of 2.32.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. The company had revenue of $3.34 million for the quarter. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. Equities analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors have recently modified their holdings of the company. Zacks Investment Management bought a new stake in Pacific Biosciences of California in the 3rd quarter valued at about $25,000. Jump Financial LLC acquired a new stake in shares of Pacific Biosciences of California in the first quarter valued at approximately $25,000. Russell Investments Group Ltd. bought a new stake in shares of Pacific Biosciences of California during the third quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pacific Biosciences of California by 891.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after buying an additional 20,478 shares during the period. Finally, Cim Investment Management Inc. grew its holdings in Pacific Biosciences of California by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after buying an additional 12,822 shares in the last quarter.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.