Pacific Biosciences of California (PACB) Shares Up 7.9%

Pacific Biosciences of California (NASDAQ:PACB)’s share price shot up 7.9% during trading on Friday . The company traded as high as $2.77 and last traded at $2.72. 1,521,526 shares were traded during mid-day trading, an increase of 9% from the average session volume of 1,393,970 shares. The stock had previously closed at $2.52.

A number of brokerages recently commented on PACB. CL King cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 target price on the stock. in a report on Thursday, September 28th. First Analysis cut Pacific Biosciences of California from an “overweight” rating to an “equal weight” rating and set a $4.00 target price on the stock. in a report on Friday, November 3rd. BidaskClub raised Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a report on Thursday, December 21st. Finally, Zacks Investment Research raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $6.27.

The company has a quick ratio of 3.15, a current ratio of 3.75 and a debt-to-equity ratio of 0.10.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.19) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.01. Pacific Biosciences of California had a negative return on equity of 97.50% and a negative net margin of 95.97%. The company had revenue of $23.54 million for the quarter, compared to analysts’ expectations of $28.29 million. During the same period last year, the firm earned ($0.19) EPS. Pacific Biosciences of California’s revenue for the quarter was down 6.3% compared to the same quarter last year. equities research analysts predict that Pacific Biosciences of California will post -0.89 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Capital World Investors increased its stake in Pacific Biosciences of California by 532.3% in the 2nd quarter. Capital World Investors now owns 7,840,000 shares of the biotechnology company’s stock worth $27,910,000 after buying an additional 6,600,000 shares in the last quarter. Maverick Capital Ltd. increased its stake in Pacific Biosciences of California by 16.9% in the 2nd quarter. Maverick Capital Ltd. now owns 10,603,944 shares of the biotechnology company’s stock worth $37,750,000 after buying an additional 1,530,070 shares in the last quarter. Kennedy Capital Management Inc. increased its stake in Pacific Biosciences of California by 52.4% in the 2nd quarter. Kennedy Capital Management Inc. now owns 1,240,391 shares of the biotechnology company’s stock worth $4,416,000 after buying an additional 426,269 shares in the last quarter. Vanguard Group Inc. increased its stake in Pacific Biosciences of California by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,929,300 shares of the biotechnology company’s stock worth $13,988,000 after buying an additional 283,216 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Pacific Biosciences of California by 120.4% in the 2nd quarter. California Public Employees Retirement System now owns 457,400 shares of the biotechnology company’s stock worth $1,628,000 after buying an additional 249,900 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

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About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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