Zacks Investment Research upgraded shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) from a sell rating to a hold rating in a research report released 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.”
PACB has been the topic of a number of other reports. CL King downgraded Pacific Biosciences of California from a buy rating to a neutral rating and set a $6.80 price objective on the stock. in a research note on Thursday, September 28th. BidaskClub downgraded Pacific Biosciences of California from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Finally, First Analysis downgraded 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 research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Pacific Biosciences of California currently has a consensus rating of Hold and an average target price of $6.27.
Pacific Biosciences of California (NASDAQ PACB) traded down $0.02 during trading on Thursday, reaching $2.98. The company’s stock had a trading volume of 468,653 shares, compared to its average volume of 1,121,646. Pacific Biosciences of California has a 12-month low of $2.66 and a 12-month high of $8.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.15 and a current ratio of 3.75.
Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The firm had revenue of $23.54 million for the quarter, compared to the consensus estimate of $28.29 million. Pacific Biosciences of California had a negative return on equity of 97.50% and a negative net margin of 95.97%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.19) EPS. equities research analysts expect that Pacific Biosciences of California will post -0.88 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of PACB. Capital World Investors lifted its stake in Pacific Biosciences of California by 532.3% in the second quarter. Capital World Investors now owns 7,840,000 shares of the biotechnology company’s stock valued at $27,910,000 after purchasing an additional 6,600,000 shares during the last quarter. Maverick Capital Ltd. lifted its position in shares of Pacific Biosciences of California by 16.9% during the second quarter. Maverick Capital Ltd. now owns 10,603,944 shares of the biotechnology company’s stock worth $37,750,000 after acquiring an additional 1,530,070 shares in the last quarter. Frontier Capital Management Co. LLC purchased a new stake in shares of Pacific Biosciences of California during the second quarter worth $5,363,000. Morgan Stanley lifted its position in shares of Pacific Biosciences of California by 129.0% during the first quarter. Morgan Stanley now owns 773,519 shares of the biotechnology company’s stock worth $3,998,000 after acquiring an additional 435,774 shares in the last quarter. Finally, Kennedy Capital Management Inc. lifted its position in shares of Pacific Biosciences of California by 52.4% during the second quarter. Kennedy Capital Management Inc. now owns 1,240,391 shares of the biotechnology company’s stock worth $4,416,000 after acquiring an additional 426,269 shares in the last quarter. Institutional investors and hedge funds own 66.45% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pacific Biosciences of California Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California Inc. and related companies with MarketBeat.com's FREE daily email newsletter.