Pacific Biosciences of California (NASDAQ:PACB) Releases Earnings Results, Beats Estimates By $0.07 EPS

by · The Markets Daily

Pacific Biosciences of California (NASDAQ:PACB – Get Free Report) announced its earnings results on Thursday. The biotechnology company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.07, Zacks reports. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock remained flat at $1.84 during trading hours on Thursday. 9,467,654 shares of the stock were exchanged, compared to its average volume of 8,235,080. The firm has a market cap of $555.51 million, a PE ratio of -0.84 and a beta of 2.27. The business’s fifty day moving average is $2.10 and its 200 day moving average is $1.77. The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. Pacific Biosciences of California has a one year low of $0.85 and a one year high of $2.73.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PACB. Piper Sandler raised their target price on shares of 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. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Stephens increased their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Finally, Barclays boosted their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a report on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.08.

View Our Latest Report on Pacific Biosciences of California

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PACB. Cibc World Markets Corp acquired a new stake in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $34,000. Zacks Investment Management bought a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd increased its stake 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 worth $29,000 after purchasing an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Pacific Biosciences of California during the 3rd quarter worth about $29,000. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter valued at about $38,000.

Pacific Biosciences of California Company Profile

(Get Free Report)

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.

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