Pacific Biosciences of California, Inc. (NASDAQ:PACB) Forecasted to Earn FY2023 Earnings of ($1.18) Per Share

Pacific Biosciences of California, Inc. (NASDAQ:PACB) – Analysts at Cantor Fitzgerald lowered their FY2023 earnings per share estimates for shares of Pacific Biosciences of California in a note issued to investors on Wednesday, November 1st. Cantor Fitzgerald analyst R. Osborn now forecasts that the biotechnology company will post earnings of ($1.18) per share for the year, down from their prior forecast of ($1.17). Cantor Fitzgerald has a “Overweight” rating and a $11.00 price objective on the stock. The consensus estimate for Pacific Biosciences of California’s current full-year earnings is ($1.18) per share. Cantor Fitzgerald also issued estimates for Pacific Biosciences of California’s FY2024 earnings at ($1.01) EPS.

A number of other equities analysts also recently commented on the company. Piper Sandler decreased their target price on Pacific Biosciences of California from $13.00 to $9.00 and set a “neutral” rating for the company in a report on Monday, October 16th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Wednesday, August 30th. Morgan Stanley dropped their price objective on Pacific Biosciences of California from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 24th. Barclays dropped their price objective on Pacific Biosciences of California from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Friday, September 29th. Finally, Sanford C. Bernstein began coverage on Pacific Biosciences of California in a report on Thursday, September 28th. They issued an “outperform” rating and a $11.00 target price on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.20.

Pacific Biosciences of California Stock Performance

Shares of PACB stock opened at $7.22 on Friday. Pacific Biosciences of California has a fifty-two week low of $5.74 and a fifty-two week high of $14.55. The stock has a 50 day moving average price of $8.84 and a two-hundred day moving average price of $11.12. The company has a market capitalization of $1.81 billion, a P/E ratio of -5.69 and a beta of 1.72.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Monday, October 30th. The biotechnology company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. The company had revenue of $55.70 million during the quarter, compared to analyst estimates of $48.76 million. Pacific Biosciences of California had a negative return on equity of 45.64% and a negative net margin of 182.34%. Pacific Biosciences of California’s revenue was up 72.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.32) earnings per share.

Insider Activity at Pacific Biosciences of California

In related news, insider Christian O. Henry sold 96,844 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $10.12, for a total transaction of $980,061.28. Following the completion of the transaction, the insider now owns 1,106,095 shares in the company, valued at approximately $11,193,681.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Susan G. Kim sold 19,257 shares of the business’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $8.44, for a total value of $162,529.08. Following the completion of the transaction, the insider now directly owns 306,085 shares of the company’s stock, valued at approximately $2,583,357.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christian O. Henry sold 96,844 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $10.12, for a total value of $980,061.28. Following the completion of the transaction, the insider now directly owns 1,106,095 shares of the company’s stock, valued at $11,193,681.40. The disclosure for this sale can be found here. Insiders sold a total of 126,101 shares of company stock worth $1,247,090 in the last quarter. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in Pacific Biosciences of California by 55.1% in the first quarter. Bank of New York Mellon Corp now owns 1,494,906 shares of the biotechnology company’s stock valued at $17,311,000 after buying an additional 530,864 shares during the last quarter. FDx Advisors Inc. lifted its position in shares of Pacific Biosciences of California by 14.1% in the second quarter. FDx Advisors Inc. now owns 13,988 shares of the biotechnology company’s stock valued at $186,000 after acquiring an additional 1,733 shares in the last quarter. Duality Advisers LP purchased a new position in Pacific Biosciences of California during the first quarter worth approximately $1,208,000. Counterpoint Mutual Funds LLC purchased a new position in Pacific Biosciences of California during the second quarter worth approximately $249,000. Finally, Barclays PLC increased its stake in Pacific Biosciences of California by 22.2% during the first quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock worth $1,797,000 after acquiring an additional 28,211 shares during the last quarter.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides sequencing systems; 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.