Pacific Biosciences of California (NASDAQ:PACB) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Pacific Biosciences of California (NASDAQ:PACBGet Rating) issued its quarterly earnings data on Wednesday. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.02, Fidelity Earnings reports. Pacific Biosciences of California had a negative return on equity of 36.11% and a negative net margin of 130.14%. During the same period in the previous year, the firm posted ($0.21) earnings per share. Pacific Biosciences of California updated its FY 2022 guidance to EPS.

Pacific Biosciences of California Price Performance

NASDAQ PACB traded up $0.60 during trading hours on Thursday, reaching $5.81. The company’s stock had a trading volume of 15,065,471 shares, compared to its average volume of 6,306,486. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -7.20 and a beta of 1.43. Pacific Biosciences of California has a 1-year low of $3.85 and a 1-year high of $35.58. The company has a debt-to-equity ratio of 1.22, a current ratio of 16.87 and a quick ratio of 16.38. The company’s 50-day moving average is $4.80 and its two-hundred day moving average is $7.59.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC raised its holdings in shares of Pacific Biosciences of California by 50.1% during the first quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock valued at $946,000 after acquiring an additional 34,699 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Pacific Biosciences of California by 125.3% during the first quarter. Hsbc Holdings PLC now owns 96,953 shares of the biotechnology company’s stock valued at $883,000 after acquiring an additional 53,919 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Pacific Biosciences of California during the first quarter valued at approximately $707,000. Walleye Capital LLC grew its position in shares of Pacific Biosciences of California by 414.7% in the first quarter. Walleye Capital LLC now owns 51,225 shares of the biotechnology company’s stock valued at $466,000 after purchasing an additional 41,272 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in shares of Pacific Biosciences of California by 1,405.2% in the first quarter. Quantbot Technologies LP now owns 35,793 shares of the biotechnology company’s stock valued at $325,000 after purchasing an additional 33,415 shares in the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald decreased their price objective on Pacific Biosciences of California from $23.00 to $19.00 in a report on Thursday, May 5th. Cowen set a $9.00 price objective on Pacific Biosciences of California in a report on Tuesday, July 19th. Finally, Piper Sandler decreased their price objective on Pacific Biosciences of California from $13.00 to $6.00 and set a “na” rating for the company in a report on Sunday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.57.

Pacific Biosciences of California Company Profile

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Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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Earnings History for Pacific Biosciences of California (NASDAQ:PACB)

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