Pacific Biosciences of California (NASDAQ:PACB) Shares Down 9.4%

Pacific Biosciences of California (NASDAQ:PACB) shares dropped 9.4% during mid-day trading on Friday . The stock traded as low as $5.03 and last traded at $5.33, approximately 8,317,295 shares traded hands during mid-day trading. An increase of 393% from the average daily volume of 1,686,433 shares. The stock had previously closed at $5.88.

PACB has been the subject of several recent analyst reports. Zacks Investment Research lowered HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. BidaskClub raised DENTSPLY SIRONA from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 13th. Stephens set a $40.00 price target on Cal-Maine Foods and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. Cantor Fitzgerald set a $8.00 price target on Pacific Biosciences of California and gave the stock a “hold” rating in a research report on Thursday, June 20th. Finally, ValuEngine lowered Vereit from a “buy” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $6.11.

The firm has a 50-day moving average price of $6.30. The company has a current ratio of 2.50, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $896.20 million, a PE ratio of -7.01 and a beta of 2.02.



Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Friday, May 3rd. The biotechnology company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). Pacific Biosciences of California had a negative return on equity of 102.01% and a negative net margin of 143.62%. The business had revenue of $16.43 million during the quarter, compared to the consensus estimate of $21.83 million. On average, equities research analysts anticipate that Pacific Biosciences of California will post -0.65 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC bought a new stake in Pacific Biosciences of California in the 1st quarter worth about $53,000. Prudential Financial Inc. increased its holdings in Pacific Biosciences of California by 21.8% in the 4th quarter. Prudential Financial Inc. now owns 12,402 shares of the biotechnology company’s stock worth $92,000 after buying an additional 2,220 shares in the last quarter. Weiss Asset Management LP bought a new stake in Pacific Biosciences of California in the 1st quarter worth about $104,000. Boston Private Wealth LLC bought a new stake in Pacific Biosciences of California in the 2nd quarter worth about $115,000. Finally, Great West Life Assurance Co. Can increased its holdings in Pacific Biosciences of California by 79.6% in the 4th quarter. Great West Life Assurance Co. Can now owns 16,324 shares of the biotechnology company’s stock worth $116,000 after buying an additional 7,237 shares in the last quarter. Institutional investors own 71.65% of the company’s stock.

About Pacific Biosciences of California (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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