Pacific Biosciences of California Inc. (PACB) Shares Up 3.1%
Pacific Biosciences of California Inc. (NASDAQ:PACB)’s share price shot up 3.1% on Tuesday . The company traded as high as $8.85 and last traded at $8.76, with a volume of 519,121 shares changing hands. The stock had previously closed at $8.50.
A number of brokerages have weighed in on PACB. Zacks Investment Research downgraded shares of Pacific Biosciences of California from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $18.00 target price on shares of Pacific Biosciences of California in a research note on Wednesday, June 29th. Finally, CL King started coverage on shares of Pacific Biosciences of California in a report on Monday, June 27th. They set a “buy” rating and a $11.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $11.96.
The stock has a 50 day moving average of $8.50 and a 200 day moving average of $8.66. The company’s market cap is $808.50 million.
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Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.01. The company earned $20.70 million during the quarter, compared to analysts’ expectations of $20.19 million. Pacific Biosciences of California had a negative net margin of 41.57% and a negative return on equity of 77.61%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.16) EPS. On average, equities analysts expect that Pacific Biosciences of California Inc. will post ($0.85) EPS for the current fiscal year.
In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $8.45, for a total value of $169,000.00. Following the completion of the sale, the senior vice president now directly owns 198,949 shares of the company’s stock, valued at approximately $1,681,119.05. The transaction was disclosed in a filing with the SEC, which is available through this link. 19.80% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. IFP Advisors Inc raised its stake in Pacific Biosciences of California by 16.7% in the first quarter. IFP Advisors Inc now owns 66,575 shares of the company’s stock valued at $566,000 after buying an additional 9,539 shares in the last quarter. Teachers Advisors Inc. raised its stake in Pacific Biosciences of California by 560.9% in the first quarter. Teachers Advisors Inc. now owns 581,959 shares of the company’s stock valued at $4,947,000 after buying an additional 493,907 shares in the last quarter. BlackRock Inc. raised its stake in Pacific Biosciences of California by 11.5% in the first quarter. BlackRock Inc. now owns 162,042 shares of the company’s stock valued at $1,378,000 after buying an additional 16,693 shares in the last quarter. BlackRock Group LTD raised its stake in Pacific Biosciences of California by 5.7% in the first quarter. BlackRock Group LTD now owns 321,298 shares of the company’s stock valued at $2,731,000 after buying an additional 17,397 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in Pacific Biosciences of California by 12.6% in the first quarter. BlackRock Fund Advisors now owns 2,847,543 shares of the company’s stock valued at $24,204,000 after buying an additional 318,167 shares in the last quarter. Institutional investors and hedge funds own 66.70% 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’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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