Pacific Biosciences of California (NASDAQ:PACB) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.74 and traded as high as $2.36. Pacific Biosciences of California shares last traded at $2.26, with a volume of 8,583,840 shares.

Analysts Set New Price Targets

PACB has been the topic of a number of recent research reports. Stephens upped their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Thursday, January 22nd. Piper Sandler upped their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Finally, 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 note on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Price Performance

The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. The stock has a 50-day moving average price of $2.18 and a 200 day moving average price of $1.75. The stock has a market capitalization of $682.32 million, a price-to-earnings ratio of -1.03 and a beta of 2.20.

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 for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The company had revenue of $38.44 million during the quarter, compared to analysts’ expectations of $40.25 million. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. As a group, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

Large investors have recently bought and sold shares of the company. UBS Group AG increased its position in shares of Pacific Biosciences of California by 111.8% during the fourth quarter. UBS Group AG now owns 3,171,546 shares of the biotechnology company’s stock worth $5,931,000 after purchasing an additional 1,674,320 shares in the last quarter. Private Wealth Partners LLC acquired a new position in Pacific Biosciences of California in the 4th quarter valued at about $47,000. SteelPeak Wealth LLC lifted its holdings in Pacific Biosciences of California by 172.0% in the fourth quarter. SteelPeak Wealth LLC now owns 81,422 shares of the biotechnology company’s stock valued at $152,000 after acquiring an additional 51,492 shares during the last quarter. Mirador Capital Partners LP lifted its stake in shares of Pacific Biosciences of California by 1.7% in the 4th quarter. Mirador Capital Partners LP now owns 591,005 shares of the biotechnology company’s stock valued at $1,105,000 after purchasing an additional 9,612 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Pacific Biosciences of California by 42.6% in the fourth quarter. SG Americas Securities LLC now owns 100,751 shares of the biotechnology company’s stock valued at $188,000 after buying an additional 30,078 shares during 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.