Pacific Biosciences of California (NASDAQ:PACB) Shares Down 5.5% – Time to Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) was down 5.5% during trading on Tuesday . The stock traded as low as $1.65 and last traded at $1.6350. 381,982 shares were traded during trading, a decline of 94% from the average session volume of 6,644,544 shares. The stock had previously closed at $1.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Tuesday, April 21st. Zacks Research lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Barclays increased their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Pacific Biosciences of California currently has an average rating of “Reduce” and a consensus price target of $1.83.

Pacific Biosciences of California Stock Down 5.5%

The business’s 50-day simple moving average is $1.44 and its two-hundred day simple moving average is $1.66. The firm has a market capitalization of $507.83 million, a price-to-earnings ratio of -3.80 and a beta of 2.35.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. The firm had revenue of $37.18 million for the quarter, compared to analyst estimates of $39.94 million. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC grew its position in shares of Pacific Biosciences of California by 10.2% in the 4th quarter. ProShare Advisors LLC now owns 63,799 shares of the biotechnology company’s stock valued at $119,000 after buying an additional 5,883 shares during the last quarter. Intech Investment Management LLC boosted its stake in Pacific Biosciences of California by 5.2% in the third quarter. Intech Investment Management LLC now owns 132,368 shares of the biotechnology company’s stock valued at $169,000 after acquiring an additional 6,564 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Pacific Biosciences of California by 47.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 6,695 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Pacific Biosciences of California by 6.2% during the first quarter. AdvisorNet Financial Inc now owns 142,057 shares of the biotechnology company’s stock worth $188,000 after purchasing an additional 8,290 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Pacific Biosciences of California by 2.1% during the third quarter. Rhumbline Advisers now owns 415,679 shares of the biotechnology company’s stock worth $532,000 after purchasing an additional 8,532 shares in the last quarter.

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.