Pacific Biosciences of California (NASDAQ:PACB) Trading 6.2% Higher – Still a Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price was up 6.2% during trading on Tuesday . The stock traded as high as $2.14 and last traded at $2.1350. Approximately 2,029,306 shares changed hands during trading, a decline of 74% from the average daily volume of 7,790,382 shares. The stock had previously closed at $2.01.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PACB. Piper Sandler boosted their target price 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. Stephens boosted their price objective on shares of 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 objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.08.

Pacific Biosciences of California Trading Up 7.7%

The firm has a market capitalization of $653.64 million, a price-to-earnings ratio of -0.98 and a beta of 2.20. The business’s 50-day moving average price is $2.02 and its 200 day moving average price is $1.66. The company has a debt-to-equity ratio of 17.88, a current ratio of 6.24 and a quick ratio of 5.40.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. The firm had revenue of $38.44 million for the quarter, compared to the consensus estimate of $40.25 million. On average, equities analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds have recently bought and sold shares of PACB. Intech Investment Management LLC raised its position in shares of Pacific Biosciences of California by 5.2% in the 3rd quarter. Intech Investment Management LLC now owns 132,368 shares of the biotechnology company’s stock valued at $169,000 after purchasing an additional 6,564 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Pacific Biosciences of California by 2.1% in the third quarter. Rhumbline Advisers now owns 415,679 shares of the biotechnology company’s stock worth $532,000 after buying an additional 8,532 shares during the last quarter. Green Alpha Advisors LLC raised its holdings in Pacific Biosciences of California by 5.4% in the fourth quarter. Green Alpha Advisors LLC now owns 183,466 shares of the biotechnology company’s stock valued at $343,000 after acquiring an additional 9,441 shares in the last quarter. Cetera Investment Advisers boosted its stake in Pacific Biosciences of California by 10.1% during the 2nd quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock valued at $130,000 after acquiring an additional 9,617 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Pacific Biosciences of California by 47.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 9,739 shares in the last quarter.

About Pacific Biosciences of California

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.