Pacific Biosciences of California (NASDAQ:PACB) Shares Up 12.8% – Still a Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares were up 12.8% on Thursday . The stock traded as high as $1.59 and last traded at $1.6250. Approximately 2,832,859 shares were traded during mid-day trading, a decline of 56% from the average session volume of 6,511,434 shares. The stock had previously closed at $1.44.

Wall Street Analysts Forecast Growth

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

Pacific Biosciences of California Price Performance

The firm has a market cap of $512.49 million, a P/E ratio of -3.84 and a beta of 2.35. The stock’s 50 day moving average is $1.44 and its two-hundred day moving average is $1.67.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The business had revenue of $37.18 million during the quarter, compared to analysts’ expectations of $39.94 million. Pacific Biosciences of California had a negative return on equity of 571.06% and a negative net margin of 80.35%. As a group, research analysts forecast that Pacific Biosciences of California, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PACB. Essential Partners LLC acquired a new stake in shares of Pacific Biosciences of California in the 1st quarter valued at $25,000. Sei Investments Co. acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter worth about $220,000. State of Wyoming lifted its holdings in Pacific Biosciences of California by 663.4% during the 1st quarter. State of Wyoming now owns 55,529 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 48,255 shares during the last quarter. Himension Capital Singapore PTE. LTD. bought a new position in Pacific Biosciences of California during the 1st quarter valued at about $365,000. Finally, Dimensional Fund Advisors LP boosted its position in Pacific Biosciences of California by 177.9% in the first quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company’s stock valued at $1,187,000 after buying an additional 575,801 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.