Pacific Biosciences of California (NASDAQ:PACB) Sets New 52-Week High at $7.27

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Pacific Biosciences of California (NASDAQ:PACB)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $7.27 and last traded at $7.23, with a volume of 10461 shares. The stock had previously closed at $7.08.

A number of equities research analysts have commented on the company. BidaskClub upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Morgan Stanley assumed coverage on shares of Pacific Biosciences of California in a report on Wednesday, September 9th. They issued an “equal weight” rating and a $7.00 price target on the stock. Zacks Investment Research lowered shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating and set a $4.00 target price on the stock. in a research note on Wednesday, July 1st. Finally, Cantor Fitzgerald restated a “buy” rating and set a $5.00 price target on shares of Pacific Biosciences of California in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Pacific Biosciences of California currently has a consensus rating of “Buy” and a consensus target price of $5.80.

The firm has a market cap of $1.13 billion, a PE ratio of -22.18 and a beta of 2.03. The company has a 50 day moving average price of $5.69 and a 200 day moving average price of $4.00.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 150.00% and a negative net margin of 61.85%. The business had revenue of $17.08 million during the quarter, compared to analysts’ expectations of $13.84 million. Equities research analysts anticipate that Pacific Biosciences of California will post -0.39 EPS for the current year.

In related news, CEO Michael Hunkapiller sold 446,401 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $6.51, for a total transaction of $2,906,070.51. Following the sale, the chief executive officer now owns 2,398,215 shares of the company’s stock, valued at $15,612,379.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of PACB. Principal Financial Group Inc. increased its stake in shares of Pacific Biosciences of California by 178.9% during the 2nd quarter. Principal Financial Group Inc. now owns 55,788 shares of the biotechnology company’s stock worth $193,000 after purchasing an additional 35,786 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in shares of Pacific Biosciences of California by 48.8% during the 2nd quarter. AdvisorNet Financial Inc now owns 57,950 shares of the biotechnology company’s stock worth $200,000 after purchasing an additional 19,000 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Pacific Biosciences of California by 7.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 948,189 shares of the biotechnology company’s stock worth $3,272,000 after purchasing an additional 65,560 shares during the period. AQR Capital Management LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter worth $532,000. Finally, Engineers Gate Manager LP lifted its stake in shares of Pacific Biosciences of California by 26.8% during the 2nd quarter. Engineers Gate Manager LP now owns 41,159 shares of the biotechnology company’s stock worth $142,000 after purchasing an additional 8,703 shares during the period. 72.46% of the stock is currently owned by hedge funds and other institutional investors.

About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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