Pacific Biosciences of California (NASDAQ:PACB) Trading 9.2% Higher – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB) traded up 9.2% on Thursday . The company traded as high as $1.63 and last traded at $1.7250. 697,479 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 6,679,110 shares. The stock had previously closed at $1.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Barclays lifted 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 report on Monday, May 11th. Zacks Research downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Reduce” and a consensus target price of $1.83.

Pacific Biosciences of California Stock Performance

The stock has a fifty day simple moving average of $1.43 and a two-hundred day simple moving average of $1.75. The stock has a market capitalization of $517.15 million, a price-to-earnings ratio of -3.90 and a beta of 2.35.

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

Institutional Trading of Pacific Biosciences of California

A number of large investors have recently bought and sold shares of PACB. Essential Partners LLC acquired a new stake in Pacific Biosciences of California during the 1st quarter worth about $25,000. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California during the 3rd quarter worth about $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Pacific Biosciences of California during the 3rd quarter worth about $29,000. Finally, Outlook Wealth Advisors LLC bought a new position in shares of Pacific Biosciences of California during the 4th quarter worth about $34,000.

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.