Pacific Biosciences of California (NASDAQ:PACB) Hits New 52-Week High – Time to Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price reached a new 52-week high on Friday . The company traded as high as $2.73 and last traded at $2.6850, with a volume of 2608295 shares trading hands. The stock had previously closed at $2.67.

Analyst Ratings Changes

PACB has been the topic of several research analyst reports. Stephens upped their price objective on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Barclays boosted their target price 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Finally, Piper Sandler lifted their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Stock Performance

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 company has a market capitalization of $801.57 million, a PE ratio of -1.21 and a beta of 2.20. The company has a 50-day moving average price of $2.10 and a two-hundred day moving average price of $1.70.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $38.44 million during the quarter, compared to the consensus estimate of $40.25 million. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. Analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Pacific Biosciences of California by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock worth $20,966,000 after purchasing an additional 362,797 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Pacific Biosciences of California by 6.4% in the second quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after buying an additional 401,637 shares in the last quarter. Millennium Management LLC raised its position in shares of Pacific Biosciences of California by 500.9% in the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock worth $6,293,000 after buying an additional 4,098,555 shares in the last quarter. Koss Olinger Consulting LLC boosted its stake in Pacific Biosciences of California by 10.0% during the second quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock valued at $4,092,000 after buying an additional 300,000 shares during the period. Finally, Amiral Gestion purchased a new position in Pacific Biosciences of California during the second quarter worth about $3,208,000.

Pacific Biosciences of California Company Profile

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.