Pacific Biosciences of California (NASDAQ:PACB) Trading 7.9% Higher – Time to Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price was up 7.9% during trading on Tuesday . The company traded as high as $2.40 and last traded at $2.3850. Approximately 7,889,342 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 8,496,405 shares. The stock had previously closed at $2.21.

Analysts Set New Price Targets

Several research firms recently commented on PACB. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Barclays upped their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a research note on Monday, December 15th. Piper Sandler lifted their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Finally, Stephens boosted their price objective on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Stock Up 6.8%

The company’s 50-day moving average price is $2.06 and its 200 day moving average price is $1.69. The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24. The stock has a market cap of $712.51 million, a PE ratio of -1.07 and a beta of 2.20.

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

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Zacks Investment Management purchased a new position in Pacific Biosciences of California during the third quarter valued at $25,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Pacific Biosciences of California during the 3rd quarter valued at about $29,000. Cim Investment Management Inc. grew its stake in shares of Pacific Biosciences of California by 100.7% during the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 12,822 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in Pacific Biosciences of California in the 3rd quarter worth approximately $38,000.

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.