Pacific Biosciences of California (NASDAQ:PACB) Trading 12.8% Higher – What’s Next?

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

Analyst Upgrades and Downgrades

PACB has been the subject of several research reports. Barclays boosted their price objective 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Tuesday, April 21st. Finally, 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. One equities 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $1.83.

Pacific Biosciences of California Stock Up 8.7%

The firm has a market cap of $486.09 million, a price-to-earnings ratio of -3.64 and a beta of 2.35. The business has a 50 day moving average price of $1.44 and a 200-day moving average price of $1.67.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. The firm had revenue of $37.18 million for the quarter, compared to analyst estimates 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%. Research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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