Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating)'s stock price dropped 8.6% during mid-day trading on Tuesday . The company traded as low as $6.23 and last traded at $6.35. Approximately 56,064 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 5,694,436 shares. The stock had previously closed at $6.95.
Analyst Upgrades and Downgrades
PACB has been the subject of a number of research analyst reports. Canaccord Genuity Group decreased their target price on Pacific Biosciences of California from $17.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, August 5th. Piper Sandler decreased their target price on Pacific Biosciences of California from $7.50 to $6.00 in a research note on Sunday, August 21st. Finally, Cowen reduced their price objective on Pacific Biosciences of California to $8.00 in a research report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Pacific Biosciences of California presently has an average rating of "Moderate Buy" and an average price target of $22.00.
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The firm has a market cap of $1.38 billion, a P/E ratio of -6.66 and a beta of 1.33. The company has a quick ratio of 11.07, a current ratio of 11.50 and a debt-to-equity ratio of 1.31. The firm has a fifty day moving average of $5.78 and a 200-day moving average of $6.68.
Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last released its earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.02. Pacific Biosciences of California had a negative return on equity of 35.76% and a negative net
margin of 147.39%. During the same quarter last year, the firm earned ($0.21) EPS. On average, equities research analysts anticipate that Pacific Biosciences of California, Inc. will post -1.37 earnings per share for the current year.
Institutional Trading of Pacific Biosciences of California
Several institutional investors and hedge funds have recently bought and sold shares of PACB. Advisor Group Holdings Inc. raised its stake in Pacific Biosciences of California by 71.4% in the fourth quarter. Advisor Group Holdings Inc. now owns 14,522 shares of the biotechnology company's stock valued at $299,000 after buying an additional 6,050 shares during the period. Envestnet Asset Management Inc. bought a new stake in Pacific Biosciences of California in the fourth quarter valued at approximately $410,000. Bank of America Corp DE raised its stake in Pacific Biosciences of California by 75.5% in the fourth quarter. Bank of America Corp DE now owns 455,984 shares of the biotechnology company's stock valued at $9,330,000 after buying an additional 196,212 shares during the period. HighTower Advisors LLC raised its stake in Pacific Biosciences of California by 11.9% in the fourth quarter. HighTower Advisors LLC now owns 90,885 shares of the biotechnology company's stock valued at $1,862,000 after buying an additional 9,646 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in Pacific Biosciences of California by 25.2% in the fourth quarter. Teacher Retirement System of Texas now owns 37,011 shares of the biotechnology company's stock valued at $757,000 after buying an additional 7,450 shares during the period.
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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