Zacks Investment Research upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a sell rating to a hold rating in a research note published on Thursday, November 9th.
According to Zacks, “Pacific Biosciences posted narrower-than-expected loss in the third quarter. Solid contribution from the Instrument and Consumable revenue platforms has been boosting the company’s growth trajectory. The improvement in margin and sales of the company’s flagship Sequel System is encouraging. Pacific Biosciences has been witnessing significant strength in China lately. Notably, it placed numerous system orders in the region. The company is working on the new version of its Sequel SMRT Cell (Single Molecule, Real-Time) that has eight times the capacity of the existing one. On the flipside, sluggishness in European markets is a headwind. Cutthroat competition in the niche space is an added concern. Problems related to the limited availability of SMRT cells for the Sequel system and higher non-cash operating expenses are expected to mar prospects. Pacific Biosciences has had an unfavorable run on the bourses over the last six months.”
Several other analysts also recently weighed in on PACB. BidaskClub raised shares of Pacific Biosciences of California from a strong sell rating to a sell rating in a research note on Tuesday, August 8th. CL King downgraded shares of Pacific Biosciences of California from a buy rating to a neutral rating and set a $6.80 price target for the company. in a research note on Thursday, September 28th. Finally, First Analysis downgraded shares of Pacific Biosciences of California from an overweight rating to an equal weight rating and set a $4.00 price target for the company. in a research note on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $6.27.
Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. Pacific Biosciences of California had a negative net margin of 95.97% and a negative return on equity of 97.50%. The company had revenue of $23.54 million during the quarter, compared to the consensus estimate of $28.29 million. During the same period in the previous year, the firm posted ($0.19) EPS. The firm’s revenue was down 6.3% compared to the same quarter last year. analysts forecast that Pacific Biosciences of California will post -0.88 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in shares of Pacific Biosciences of California by 2.6% in the second quarter. Rhumbline Advisers now owns 104,614 shares of the biotechnology company’s stock worth $372,000 after purchasing an additional 2,650 shares in the last quarter. American International Group Inc. lifted its position in Pacific Biosciences of California by 7.4% during the first quarter. American International Group Inc. now owns 47,080 shares of the biotechnology company’s stock valued at $243,000 after purchasing an additional 3,258 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in shares of Pacific Biosciences of California by 0.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 468,907 shares of the biotechnology company’s stock worth $1,669,000 after acquiring an additional 3,970 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Pacific Biosciences of California by 7.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 70,533 shares of the biotechnology company’s stock worth $250,000 after acquiring an additional 5,145 shares during the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Pacific Biosciences of California by 17.5% in the 2nd quarter. Voya Investment Management LLC now owns 41,653 shares of the biotechnology company’s stock worth $148,000 after acquiring an additional 6,218 shares during the last quarter. 70.51% of the stock is owned by institutional investors and hedge funds.
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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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