Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) shot up 3.9% during trading on Wednesday . The company traded as high as $6.08 and last traded at $6.06. 42,602 shares were traded during mid-day trading, a decline of 99% from the average session volume of 5,826,232 shares. The stock had previously closed at $5.83.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on PACB. Piper Sandler lowered their price target on Pacific Biosciences of California from $7.50 to $6.00 in a research note on Sunday, August 21st. Canaccord Genuity Group lowered 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. Finally, Cowen lowered their target price on Pacific Biosciences of California to $8.00 in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.00.
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Pacific Biosciences of California Price Performance
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 price of $5.88 and a 200 day moving average price of $6.45.
Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The biotechnology company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $35.47 million during the quarter, compared to the consensus estimate of $35.54 million. 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 in the prior year, the firm posted ($0.21) EPS. On average, sell-side analysts forecast that Pacific Biosciences of California, Inc. will post -1.37 earnings per share for the current year.
Insider Activity
In related news, insider Christian O. Henry sold 91,307 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $5.78, for a total value of $527,754.46. Following the sale, the insider now owns 688,551 shares in the company, valued at approximately $3,979,824.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Pacific Biosciences of California
Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its position in Pacific Biosciences of California by 190.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 8,438,572 shares of the biotechnology company's stock worth $37,299,000 after buying an additional 5,533,953 shares during the period. Price T Rowe Associates Inc. MD increased its position in Pacific Biosciences of California by 68.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company's stock worth $45,456,000 after buying an additional 4,179,997 shares during the period. Bellevue Group AG increased its position in Pacific Biosciences of California by 214.3% during the 1st quarter. Bellevue Group AG now owns 4,881,752 shares of the biotechnology company's stock worth $44,424,000 after buying an additional 3,328,729 shares during the period. Invesco Ltd. increased its position in Pacific Biosciences of California by 3,355.2% during the 4th quarter. Invesco Ltd. now owns 3,195,790 shares of the biotechnology company's stock worth $65,386,000 after buying an additional 3,103,297 shares during the period. Finally, Blue Water Life Science Advisors LP bought a new position in Pacific Biosciences of California during the 1st quarter worth $24,206,000.
About Pacific Biosciences of California
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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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