Pacific Biosciences of California Inc. (NASDAQ:PACB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Pacific Biosciences’ second quarterly numbers fell year over year. In addition to the headwind related to the limited availability of Single Molecule, Real-Time (SMRT) cells for the Sequel system and lower contractual revenues, higher non-cash operating expenses will hurt bottom-line growth. We believe persistent losses and cash burn are the primary headwinds in the near term. Meanwhile, estimates have been falling lately ahead of the company’s third-quarter earnings release. Nevertheless, we believe growing adoption of the Sequel system will boost the top line in 2016 and beyond. Moreover, lower product development cost for the Sequel system will expand gross margin. Additionally, development and distribution collaborations will drive market penetration over the long haul.”
PACB has been the topic of several other research reports. Cantor Fitzgerald reiterated a “buy” rating and issued a $18.00 price target on shares of Pacific Biosciences of California in a research note on Wednesday, June 29th. CL King began coverage on Pacific Biosciences of California in a research note on Monday, June 27th. They issued a “buy” rating and a $11.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $12.46.
Pacific Biosciences of California (NASDAQ:PACB) traded down 1.114% during mid-day trading on Monday, reaching $8.435. The company’s stock had a trading volume of 562,187 shares. The stock’s market capitalization is $774.97 million. The firm has a 50-day moving average of $8.70 and a 200-day moving average of $8.75. Pacific Biosciences of California has a 52 week low of $6.76 and a 52 week high of $14.00.
Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.01. The company had revenue of $20.70 million for the quarter, compared to analysts’ expectations of $20.19 million. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. On average, equities research analysts expect that Pacific Biosciences of California will post ($0.85) earnings per share for the current year.
In related news, SVP James Michael Phillips sold 20,000 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $8.45, for a total value of $169,000.00. Following the completion of the sale, the senior vice president now directly owns 198,949 shares of the company’s stock, valued at $1,681,119.05. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 19.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake in shares of Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock valued at $101,000 after buying an additional 2,227 shares in the last quarter. Stevens Capital Management LP bought a new position in Pacific Biosciences of California during the second quarter valued at approximately $104,000. Societe Generale bought a new position in Pacific Biosciences of California during the second quarter valued at approximately $117,000. First Allied Advisory Services Inc. raised its position in Pacific Biosciences of California by 4.3% in the second quarter. First Allied Advisory Services Inc. now owns 16,669 shares of the company’s stock valued at $117,000 after buying an additional 680 shares during the period. Finally, Creative Planning raised its position in Pacific Biosciences of California by 36.8% in the third quarter. Creative Planning now owns 13,133 shares of the company’s stock valued at $118,000 after buying an additional 3,533 shares during the period. 66.69% of the stock is owned by hedge funds and other institutional investors.
Pacific Biosciences of California Company Profile
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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