Pacific Biosciences of California (NASDAQ:PACB) Shares Cross Above 200 Day Moving Average – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.39 and traded as high as $1.67. Pacific Biosciences of California shares last traded at $1.65, with a volume of 6,137,538 shares traded.

Analysts Set New Price Targets

Several research firms have recently weighed in on PACB. Stephens lifted their price objective on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Finally, Piper Sandler increased their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.00.

Pacific Biosciences of California Stock Up 5.1%

The stock has a market cap of $498.15 million, a price-to-earnings ratio of -0.72 and a beta of 2.30. The stock has a 50 day simple moving average of $1.60 and a 200 day simple moving average of $1.39. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The business had revenue of $3.34 million during the quarter. As a group, analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its holdings in shares of Pacific Biosciences of California by 1.2% in the first quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company’s stock valued at $43,045,000 after purchasing an additional 434,079 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its stake in Pacific Biosciences of California by 2.4% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company’s stock valued at $25,789,000 after acquiring an additional 508,700 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Pacific Biosciences of California by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock worth $20,966,000 after acquiring an additional 362,797 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Pacific Biosciences of California by 6.4% in the second quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock valued at $8,333,000 after purchasing an additional 401,637 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Pacific Biosciences of California by 500.9% during the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after purchasing an additional 4,098,555 shares in the last quarter.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.