Pacific Biosciences of California (NASDAQ:PACB) Trading 7.1% Higher – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price was up 7.1% during mid-day trading on Wednesday . The company traded as high as $1.8350 and last traded at $1.8530. Approximately 1,304,454 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 9,079,444 shares. The stock had previously closed at $1.73.

Analyst Ratings Changes

Several equities research analysts recently commented on PACB shares. Stephens raised their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Barclays increased their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Finally, Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Price Performance

The business has a 50-day moving average price of $2.03 and a two-hundred day moving average price of $1.62. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The company has a market capitalization of $564.57 million, a price-to-earnings ratio of -0.85 and a beta of 2.20.

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 325.02% and a negative return on equity of 101.49%. The business had revenue of $3.34 million during the quarter. As a group, research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several large investors have recently added to or reduced their stakes in PACB. Invesco Ltd. increased its holdings in Pacific Biosciences of California by 100.6% during the 1st quarter. Invesco Ltd. now owns 524,643 shares of the biotechnology company’s stock worth $619,000 after purchasing an additional 263,067 shares in the last quarter. Nuveen LLC bought a new position in shares of Pacific Biosciences of California in the first quarter valued at approximately $319,000. Jump Financial LLC purchased a new position in shares of Pacific Biosciences of California during the first quarter valued at approximately $25,000. Edmond DE Rothschild Holding S.A. boosted its position in shares of Pacific Biosciences of California by 2.4% during the first 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 buying an additional 508,700 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Pacific Biosciences of California by 4.8% during the first quarter. Rhumbline Advisers now owns 438,775 shares of the biotechnology company’s stock worth $518,000 after buying an additional 20,153 shares in the last quarter.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.