Pacific Biosciences of California (NASDAQ:PACB) Sees Large Increase in Short Interest

Pacific Biosciences of California (NASDAQ:PACB) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 20,070,000 shares, a growth of 7.1% from the September 30th total of 18,740,000 shares. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is presently 12.5 days. Currently, 14.5% of the company’s shares are sold short.

Several large investors have recently modified their holdings of PACB. ARP Americas LP increased its stake in shares of Pacific Biosciences of California by 40.6% in the second quarter. ARP Americas LP now owns 4,382,622 shares of the biotechnology company’s stock worth $26,515,000 after buying an additional 1,264,990 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in shares of Pacific Biosciences of California in the second quarter worth $6,332,000. Assenagon Asset Management S.A. bought a new stake in shares of Pacific Biosciences of California in the third quarter worth $5,062,000. BNP Paribas Arbitrage SA boosted its holdings in Pacific Biosciences of California by 2,568.4% in the second quarter. BNP Paribas Arbitrage SA now owns 941,631 shares of the biotechnology company’s stock worth $5,697,000 after purchasing an additional 906,343 shares during the period. Finally, Man Group plc boosted its holdings in Pacific Biosciences of California by 123.2% in the second quarter. Man Group plc now owns 1,538,409 shares of the biotechnology company’s stock worth $9,308,000 after purchasing an additional 849,048 shares during the period. Institutional investors and hedge funds own 71.16% of the company’s stock.

Shares of PACB traded down $0.05 during mid-day trading on Friday, hitting $4.67. The company had a trading volume of 648,400 shares, compared to its average volume of 1,908,805. The company has a quick ratio of 1.22, a current ratio of 1.52 and a debt-to-equity ratio of 0.84. The business’s 50-day simple moving average is $5.00 and its 200-day simple moving average is $5.86. The stock has a market cap of $737.29 million, a PE ratio of -6.14 and a beta of 1.68. Pacific Biosciences of California has a 1-year low of $4.37 and a 1-year high of $7.84.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The company had revenue of $21.92 million during the quarter, compared to the consensus estimate of $28.02 million. Pacific Biosciences of California had a negative return on equity of 136.85% and a negative net margin of 139.22%. On average, sell-side analysts expect that Pacific Biosciences of California will post -0.71 earnings per share for the current year.

Several equities research analysts have issued reports on the stock. Piper Jaffray Companies raised shares of Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Tuesday, October 15th. BidaskClub cut shares of Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 29th. Finally, ValuEngine raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Pacific Biosciences of California currently has an average rating of “Hold” and a consensus target price of $8.00.

Pacific Biosciences of California Company Profile

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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