Pacific Biosciences of California Inc. (PACB) Upgraded at Zacks Investment Research
Pacific Biosciences of California Inc. (NASDAQ:PACB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Pacific Biosciences’ second quarterly numbers fell year over year. In addition to the headwind related to the limited availability of Single Molecule, Real-Time (SMRT) cells for the Sequel system and lower contractual revenues, higher non-cash operating expenses will hurt bottom-line growth. We believe persistent losses and cash burn are the primary headwinds in the near term. Meanwhile, estimates have been falling lately ahead of the company’s third-quarter earnings release. Nevertheless, we believe growing adoption of the Sequel system will boost the top line in 2016 and beyond. Moreover, lower product development cost for the Sequel system will expand gross margin. Additionally, development and distribution collaborations will drive market penetration over the long haul.”
Other equities research analysts also recently issued research reports about the stock. CL King began coverage on shares of Pacific Biosciences of California in a research note on Monday, June 27th. They set a “buy” rating and a $11.00 target price for the company. Cantor Fitzgerald reiterated 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. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.46.
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Pacific Biosciences of California (NASDAQ:PACB) traded down 1.17% during midday trading on Monday, reaching $8.43. The company’s stock had a trading volume of 552,123 shares. The firm’s market capitalization is $774.51 million. The company’s 50-day moving average is $8.69 and its 200 day moving average is $8.74. Pacific Biosciences of California has a 52 week low of $6.76 and a 52 week high of $14.00.
Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, August 4th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. Pacific Biosciences of California had a negative net margin of 41.57% and a negative return on equity of 77.61%. The business earned $20.70 million during the quarter, compared to the consensus estimate of $20.19 million. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. Analysts expect that Pacific Biosciences of California will post ($0.85) earnings per share for the current fiscal year.
In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the 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 transaction, the senior vice president now directly owns 198,949 shares of the company’s stock, valued at $1,681,119.05. The sale was disclosed in a filing with the SEC, which is available at this link. 19.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PACB. Creative Planning boosted its position in shares of Pacific Biosciences of California by 36.8% in the third quarter. Creative Planning now owns 13,133 shares of the company’s stock worth $118,000 after buying an additional 3,533 shares during the period. Principal Financial Group Inc. boosted its position in shares of Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock worth $101,000 after buying an additional 2,227 shares during the period. Stevens Capital Management LP bought a new position in shares of Pacific Biosciences of California during the second quarter worth about $104,000. First Allied Advisory Services Inc. boosted its position in shares of Pacific Biosciences of California by 4.3% in the second quarter. First Allied Advisory Services Inc. now owns 16,669 shares of the company’s stock worth $117,000 after buying an additional 680 shares during the period. Finally, Societe Generale bought a new position in shares of Pacific Biosciences of California during the second quarter worth about $117,000. 66.69% of the stock is owned by institutional investors.
Pacific Biosciences of California Company Profile
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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