Pacific Biosciences of California (PACB) Hits New 1-Year High at $7.84

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Pacific Biosciences of California (NASDAQ:PACB)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $7.84 and last traded at $7.80, with a volume of 7283472 shares traded. The stock had previously closed at $7.72.

A number of brokerages have issued reports on PACB. Cantor Fitzgerald restated a “buy” rating and set a $8.00 target price on shares of Pacific Biosciences of California in a report on Sunday, October 21st. Zacks Investment Research cut Pacific Biosciences of California from a “buy” rating to a “hold” rating in a report on Monday, August 6th. BidaskClub cut Pacific Biosciences of California from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Cowen began coverage on Pacific Biosciences of California in a report on Friday, October 19th. They set an “outperform” rating and a $6.50 target price on the stock. Finally, ValuEngine upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a report on Friday, November 2nd. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $5.64.

The stock has a market capitalization of $1.15 billion, a P/E ratio of -8.90 and a beta of 2.45. The company has a quick ratio of 3.28, a current ratio of 6.65 and a debt-to-equity ratio of 0.11.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, November 1st. The biotechnology company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.04). The business had revenue of $18.16 million for the quarter, compared to analyst estimates of $22.39 million. Pacific Biosciences of California had a negative return on equity of 91.12% and a negative net margin of 110.10%. The company’s revenue for the quarter was down 22.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.19) EPS. On average, equities research analysts predict that Pacific Biosciences of California will post -0.67 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. ARK Investment Management LLC raised its position in shares of Pacific Biosciences of California by 47.5% during the second quarter. ARK Investment Management LLC now owns 6,321,293 shares of the biotechnology company’s stock worth $22,441,000 after purchasing an additional 2,036,596 shares during the period. BlackRock Inc. raised its position in shares of Pacific Biosciences of California by 9.7% during the second quarter. BlackRock Inc. now owns 9,642,174 shares of the biotechnology company’s stock worth $34,230,000 after purchasing an additional 849,435 shares during the period. Point72 Asset Management L.P. raised its position in shares of Pacific Biosciences of California by 38.1% during the second quarter. Point72 Asset Management L.P. now owns 2,900,000 shares of the biotechnology company’s stock worth $10,295,000 after purchasing an additional 800,000 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Pacific Biosciences of California during the third quarter worth about $1,623,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Pacific Biosciences of California during the third quarter worth about $894,000. 70.62% of the stock is currently owned by institutional investors.

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Pacific Biosciences of California Company Profile (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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