Pacific Biosciences of California (PACB) Trading Up -2.2%

Shares of Pacific Biosciences of California (NASDAQ:PACB) were up 2.2% during trading on Tuesday . The company traded as high as $2.83 and last traded at $2.64. Approximately 955,800 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 1,094,168 shares. The stock had previously closed at $2.70.

A number of analysts have recently commented on PACB shares. First Analysis lowered Pacific Biosciences of California from an “overweight” rating to an “equal weight” rating and set a $4.00 price target on the stock. in a report on Friday, November 3rd. Zacks Investment Research upgraded Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. CL King lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 price target on the stock. in a report on Thursday, September 28th. Finally, BidaskClub upgraded Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a report on Thursday, December 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $6.27.

The company has a market cap of $312.71, a price-to-earnings ratio of -2.96 and a beta of 1.75. The company has a quick ratio of 3.15, a current ratio of 3.75 and a debt-to-equity ratio of 0.10.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. Pacific Biosciences of California had a negative return on equity of 97.50% and a negative net margin of 95.97%. The business had revenue of $23.54 million for the quarter, compared to analyst estimates of $28.29 million. During the same quarter in the prior year, the company posted ($0.19) earnings per share. Pacific Biosciences of California’s revenue was down 6.3% on a year-over-year basis. equities research analysts forecast that Pacific Biosciences of California will post -0.9 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its position in Pacific Biosciences of California by 47.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 408,638 shares of the biotechnology company’s stock worth $2,146,000 after buying an additional 132,379 shares during the last quarter. Bank of New York Mellon Corp increased its position in Pacific Biosciences of California by 23.2% during the third quarter. Bank of New York Mellon Corp now owns 459,558 shares of the biotechnology company’s stock worth $2,412,000 after buying an additional 86,415 shares during the last quarter. Aperio Group LLC increased its position in Pacific Biosciences of California by 105.5% during the third quarter. Aperio Group LLC now owns 42,396 shares of the biotechnology company’s stock worth $223,000 after buying an additional 21,766 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Pacific Biosciences of California by 2.8% during the third quarter. Mutual of America Capital Management LLC now owns 482,088 shares of the biotechnology company’s stock worth $2,531,000 after buying an additional 13,181 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Pacific Biosciences of California by 7.9% during the second quarter. The Manufacturers Life Insurance Company now owns 70,533 shares of the biotechnology company’s stock worth $250,000 after buying an additional 5,145 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

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About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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