Pacific Biosciences of California, Inc. (PACB) Rating Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) from a sell rating to a strong sell rating in a research note released on Thursday, July 27th.

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Pacific Biosciences of California from a sell rating to a hold rating in a research report on Monday, May 1st. Cantor Fitzgerald set a $8.00 price target on shares of Pacific Biosciences of California and gave the company a buy rating in a report on Thursday, April 27th. Finally, ValuEngine downgraded shares of Pacific Biosciences of California from a sell rating to a strong sell rating in a report on Tuesday, June 13th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. Pacific Biosciences of California currently has an average rating of Hold and a consensus target price of $10.00.

Shares of Pacific Biosciences of California (PACB) traded down 7.38% on Thursday, reaching $4.14. 2,331,160 shares of the company traded hands. The firm’s market capitalization is $403.07 million. The stock has a 50-day moving average price of $3.45 and a 200 day moving average price of $4.26. Pacific Biosciences of California has a 1-year low of $3.08 and a 1-year high of $9.50.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported ($0.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The firm 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 firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.21) earnings per share. Analysts anticipate that Pacific Biosciences of California will post ($0.90) EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Athena Capital Advisors LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter worth about $114,000. Karp Capital Management Corp bought a new stake in shares of Pacific Biosciences of California during the first quarter worth about $116,000. Biondo Investment Advisors LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter worth about $137,000. Teza Capital Management LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter worth about $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 worth $214,000 after buying an additional 35,463 shares in the last quarter. Institutional investors own 55.42% of the company’s stock.

About Pacific Biosciences of California

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.