Wall Street analysts expect Pacific Biosciences of California, Inc. (NASDAQ:PACB) to report sales of $28.49 million for the current quarter, Zacks reports. Two analysts have made estimates for Pacific Biosciences of California’s earnings. The lowest sales estimate is $27.59 million and the highest is $29.39 million. Pacific Biosciences of California posted sales of $25.12 million in the same quarter last year, which would indicate a positive year over year growth rate of 13.4%. The firm is expected to issue its next quarterly earnings results on Wednesday, November 1st.

According to Zacks, analysts expect that Pacific Biosciences of California will report full-year sales of $28.49 million for the current fiscal year, with estimates ranging from $103.10 million to $109.96 million. For the next year, analysts expect that the business will report sales of $132.52 million per share, with estimates ranging from $132.14 million to $132.89 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Pacific Biosciences of California.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.02). The firm had revenue of $20.07 million for the quarter, compared to the consensus estimate of $23.34 million. Pacific Biosciences of California had a negative net margin of 89.67% and a negative return on equity of 93.31%. Pacific Biosciences of California’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.21) earnings per share.

PACB has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of Pacific Biosciences of California from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. CL King downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 target price for the company. in a research report on Thursday, September 28th. Finally, BidaskClub upgraded shares of Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.93.

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Pacific Biosciences of California (PACB) opened at 4.40 on Friday. Pacific Biosciences of California has a one year low of $3.08 and a one year high of $9.07. The company has a 50-day moving average price of $5.04 and a 200-day moving average price of $4.22. The company’s market capitalization is $508.60 million.

A number of hedge funds and other institutional investors have recently bought and sold shares of PACB. Capital World Investors lifted its position in Pacific Biosciences of California by 532.3% during the second quarter. Capital World Investors now owns 7,840,000 shares of the biotechnology company’s stock valued at $27,910,000 after purchasing an additional 6,600,000 shares during the period. Maverick Capital Ltd. lifted its position in Pacific Biosciences of California by 16.9% during the second quarter. Maverick Capital Ltd. now owns 10,603,944 shares of the biotechnology company’s stock valued at $37,750,000 after purchasing an additional 1,530,070 shares during the period. Frontier Capital Management Co. LLC acquired a new position in Pacific Biosciences of California during the second quarter valued at $5,363,000. Point72 Asset Management L.P. acquired a new position in Pacific Biosciences of California during the first quarter valued at $6,613,000. Finally, Morgan Stanley lifted its position in Pacific Biosciences of California by 129.0% during the first quarter. Morgan Stanley now owns 773,519 shares of the biotechnology company’s stock valued at $3,998,000 after purchasing an additional 435,774 shares during the period. Institutional investors own 68.32% 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 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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Earnings History and Estimates for Pacific Biosciences of California (NASDAQ:PACB)

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