Pacific Biosciences of California (NASDAQ:PACB) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.74 and traded as high as $2.36. Pacific Biosciences of California shares last traded at $2.26, with a volume of 8,583,840 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on PACB shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Barclays raised their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Finally, Stephens upped their price objective on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Price Performance

The company has a market cap of $682.31 million, a PE ratio of -1.03 and a beta of 2.20. The firm’s 50-day moving average is $2.18 and its 200-day moving average is $1.74. The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.04. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%.The business had revenue of $38.44 million for the quarter, compared to analysts’ expectations of $40.25 million. On average, equities analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors have recently added to or reduced their stakes in PACB. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Pacific Biosciences of California by 47.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 9,739 shares in the last quarter. Koss Olinger Consulting LLC lifted its position in Pacific Biosciences of California by 10.0% during the 2nd quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock valued at $4,092,000 after acquiring an additional 300,000 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Pacific Biosciences of California by 148.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 789,271 shares of the biotechnology company’s stock worth $979,000 after acquiring an additional 471,101 shares in the last quarter. Carret Asset Management LLC bought a new stake in Pacific Biosciences of California during the second quarter worth about $391,000. Finally, Vestmark Advisory Solutions Inc. grew its holdings in Pacific Biosciences of California by 89.9% in the second quarter. Vestmark Advisory Solutions Inc. now owns 1,294,186 shares of the biotechnology company’s stock worth $1,605,000 after purchasing an additional 612,760 shares during the period.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.