Pacific Biosciences of California (NASDAQ:PACB) Releases Quarterly Earnings Results, Meets Expectations

Pacific Biosciences of California (NASDAQ:PACB) announced its earnings results on Thursday. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20), Zacks reports. Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. During the same period last year, the business posted ($0.27) EPS.

Pacific Biosciences of California Price Performance

NASDAQ:PACB traded up $0.12 during mid-day trading on Thursday, reaching $1.48. 20,470,913 shares of the stock were exchanged, compared to its average volume of 11,311,415. The business has a fifty day moving average price of $1.82 and a 200 day moving average price of $1.80. The firm has a market capitalization of $405.31 million, a PE ratio of -1.01 and a beta of 1.92. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $6.83.

Insider Buying and Selling

In other news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PACB has been the subject of several research analyst reports. Scotiabank lowered their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday, November 11th. The Goldman Sachs Group reduced their price target on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Thursday, January 9th. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a report on Monday, November 11th. Finally, Piper Sandler increased their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.89.

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.