Pacific Biosciences of California, Inc. (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, “In the past six months, shares of Pacific Biosciences underperformed the broader industry in terms of price. The company posted an unimpressive second quarter of fiscal 2017, registering wider-than-expected loss. Of the other concerns, the DNA sequencing market is highly competitive owing to the presence of several established players. Cutthroat competition in the niche space is a headwind in our view. On the brighter side, solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system and higher non-cash operating expenses are expected to mar prospects over the long haul. Meanwhile, the company witnessed significant strength in China. Notably, it has placed numerous system orders in the region with both new and existing customers.”

Several other equities research analysts have also recently issued reports on PACB. BidaskClub raised Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research note on Tuesday. ValuEngine cut Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 13th. Finally, Cantor Fitzgerald set a $8.00 target price on Pacific Biosciences of California and gave the stock a “buy” rating in a research note on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $10.00.

Shares of Pacific Biosciences of California (NASDAQ PACB) traded up 7.81% during trading on Thursday, reaching $4.28. The company’s stock had a trading volume of 552,040 shares. Pacific Biosciences of California has a 1-year low of $3.08 and a 1-year high of $9.50. The company’s market capitalization is $494.73 million. The stock has a 50 day moving average of $3.52 and a 200-day moving average of $4.25.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by $0.02. The business had revenue of $20.07 million for the quarter, compared to analyst estimates of $23.34 million. Pacific Biosciences of California had a negative return on equity of 93.31% and a negative net margin of 89.67%. Pacific Biosciences of California’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business earned ($0.21) EPS. On average, analysts expect that Pacific Biosciences of California will post ($0.90) earnings per share for the current year.

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Large investors have recently modified their holdings of the stock. Biondo Investment Advisors LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter worth $137,000. Athena Capital Advisors LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter worth $114,000. Karp Capital Management Corp purchased a new stake in shares of Pacific Biosciences of California during the first quarter worth $116,000. Teza Capital Management LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter worth $153,000. Finally, Bank of Montreal Can boosted its stake in shares of Pacific Biosciences of California by 601.5% in the first quarter. Bank of Montreal Can now owns 41,359 shares of the biotechnology company’s stock worth $214,000 after buying an additional 35,463 shares during the last quarter. 55.42% of the stock is owned by institutional investors and hedge funds.

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 is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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