Pacific Biosciences of California (NASDAQ:PACB) Shares Down 7.7% – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price dropped 7.7% on Monday . The stock traded as low as $2.06 and last traded at $2.0850. Approximately 2,947,741 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 8,347,705 shares. The stock had previously closed at $2.26.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stephens upped their target price 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. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Thursday, January 22nd. Barclays raised their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Finally, Piper Sandler upped their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.08.

Pacific Biosciences of California Price Performance

The firm has a 50 day moving average of $2.18 and a 200-day moving average of $1.75. 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 company has a market cap of $625.26 million, a P/E ratio of -0.94 and a beta of 2.26.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $38.44 million during the quarter, compared to analyst estimates of $40.25 million. On average, equities research analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

Several large investors have recently made changes to their positions in the company. Zacks Investment Management bought a new position in Pacific Biosciences of California during the third quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd boosted 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 acquiring an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Pacific Biosciences of California in the third quarter valued at $29,000. Cim Investment Management Inc. increased its position in Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 12,822 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Pacific Biosciences of California by 47.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock valued at $37,000 after purchasing 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.