Pacific Biosciences (NASDAQ:PACB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Pacific Biosciences flagship Sequel-Systems platform has been consistently acting as a growth driver. Solid contribution from Consumable revenue platform also holds promise at the moment. Further, sales momentum in China continued to be strong on the company’s recent receipt of an order for 10 sequel systems from the premier sequencing service provider, BGI. The 2018 guidance looks encouraging. Of the major concerns, the DNA sequencing market breeds stiff competition with several established players establishing dominance. Sales in Europe declined considerably. Aggressive rivalry in this niche space is a headwind. Also, higher operating expenses are likely to mar prospects. Pacific Biosciences underperformed its industry in a year's time. The stock looks a little overvalued at the moment. Pacific Biosciences underperformed its industry in a year’s time.”
Separately, BidaskClub upgraded shares of Pacific Biosciences from a “strong sell” rating to a “sell” rating in a research note on Thursday, December 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $5.39.
Pacific Biosciences (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, February 1st. The biotechnology company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.02. The business had revenue of $24.94 million for the quarter, compared to analysts’ expectations of $21.89 million. Pacific Biosciences had a negative net margin of 98.63% and a negative return on equity of 98.98%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.21) EPS. sell-side analysts forecast that Pacific Biosciences will post -0.63 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in PACB. Bank of New York Mellon Corp raised its position in shares of Pacific Biosciences by 23.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 459,558 shares of the biotechnology company’s stock valued at $2,412,000 after purchasing an additional 86,415 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Pacific Biosciences by 47.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 408,638 shares of the biotechnology company’s stock valued at $2,146,000 after purchasing an additional 132,379 shares during the period. Moloney Securities Asset Management LLC bought a new stake in shares of Pacific Biosciences during the 4th quarter valued at $154,000. Mutual of America Capital Management LLC raised its position in shares of Pacific Biosciences by 5.9% during the 4th quarter. Mutual of America Capital Management LLC now owns 510,472 shares of the biotechnology company’s stock valued at $1,348,000 after purchasing an additional 28,384 shares during the period. Finally, ING Groep NV bought a new stake in shares of Pacific Biosciences during the 4th quarter valued at $549,000. Hedge funds and other institutional investors own 59.46% of the company’s stock.
About Pacific Biosciences
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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