Pacific Biosciences of California, Inc. (NASDAQ:PACB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “In the past six months, shares of Pacific Biosciences underperformed the broader industry in terms of price. The company posted an unimpressive second quarter of fiscal 2017, registering wider-than-expected loss. Of the other concerns, the DNA sequencing market is highly competitive owing to the presence of several established players. Cutthroat competition in the niche space is a headwind in our view. On the brighter side, solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system and higher non-cash operating expenses are expected to mar prospects over the long haul. Meanwhile, the company witnessed significant strength in China. Notably, it has placed numerous system orders in the region with both new and existing customers.”
A number of other analysts also recently weighed in on PACB. Cantor Fitzgerald set a $8.00 target price on Pacific Biosciences of California and gave the company a “buy” rating in a research report on Thursday, April 27th. ValuEngine downgraded Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 13th. Finally, BidaskClub downgraded Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $10.00.
Shares of Pacific Biosciences of California (NASDAQ PACB) traded up 7.30% on Thursday, reaching $4.26. The company had a trading volume of 546,945 shares. Pacific Biosciences of California has a 52-week low of $3.08 and a 52-week high of $9.50. The company’s 50-day moving average price is $3.52 and its 200-day moving average price is $4.25. The firm’s market capitalization is $492.42 million.
Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.02. The company had revenue of $20.07 million for the quarter, compared to the consensus estimate of $23.34 million. Pacific Biosciences of California had a negative net margin of 89.67% and a negative return on equity of 93.31%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.21) earnings per share. On average, analysts predict that Pacific Biosciences of California will post ($0.90) earnings per share for the current year.
Several hedge funds have recently made changes to their positions in the company. Athena Capital Advisors LLC acquired a new stake in shares of Pacific Biosciences of California during the first quarter valued at $114,000. Karp Capital Management Corp acquired a new stake in shares of Pacific Biosciences of California during the first quarter valued at $116,000. Biondo Investment Advisors LLC acquired a new stake in shares of Pacific Biosciences of California during the first quarter valued at $137,000. Teza Capital Management LLC acquired a new stake in shares of Pacific Biosciences of California during the first quarter valued at $153,000. Finally, Bank of Montreal Can increased its stake in shares of Pacific Biosciences of California by 601.5% in the first quarter. Bank of Montreal Can now owns 41,359 shares of the biotechnology company’s stock valued at $214,000 after buying an additional 35,463 shares in the last quarter. Institutional investors and hedge funds own 55.42% of the company’s stock.
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 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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