Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 5.3% – Here’s What Happened

by · The Cerbat Gem

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Free Report) fell 5.3% during mid-day trading on Thursday . The stock traded as low as $2.32 and last traded at $2.2450. 1,553,764 shares were traded during mid-day trading, a decline of 83% from the average session volume of 9,242,556 shares. The stock had previously closed at $2.37.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Stephens increased their price target on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Three equities 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 data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.00.

Get Our Latest Analysis on Pacific Biosciences of California

Pacific Biosciences of California Price Performance

The company has a debt-to-equity ratio of 17.88, a current ratio of 6.24 and a quick ratio of 5.40. The company has a 50-day simple moving average of $1.95 and a 200-day simple moving average of $1.53. The stock has a market cap of $654.24 million, a PE ratio of -0.98 and a beta of 2.32.

Pacific Biosciences of California (NASDAQ:PACB – Get Free Report) last issued its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. The company had revenue of $3.34 million for the quarter. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. Sell-side analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently modified their holdings of PACB. Jump Financial LLC purchased a new position in Pacific Biosciences of California in the 1st quarter valued at approximately $25,000. Zacks Investment Management acquired a new position in shares of Pacific Biosciences of California during the 3rd quarter worth $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after buying an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Pacific Biosciences of California during the 3rd quarter valued at about $29,000. Finally, Cim Investment Management Inc. raised its position in Pacific Biosciences of California by 100.7% during the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 12,822 shares during the last quarter.

About Pacific Biosciences of California

(Get Free Report)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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