Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up to $5.39

Pacific Biosciences of California (NASDAQ:PACB) shares gapped up prior to trading on Wednesday . The stock had previously closed at $5.32, but opened at $5.39. Pacific Biosciences of California shares last traded at $5.35, with a volume of 8,511 shares traded.

Several brokerages have commented on PACB. ValuEngine cut shares of Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a report on Thursday, October 10th. Cantor Fitzgerald set a $8.00 price target on shares of Pacific Biosciences of California and gave the stock a “hold” rating in a report on Thursday, June 20th. Piper Jaffray Companies upgraded shares of Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a report on Tuesday. Finally, BidaskClub cut shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $7.63.

The company has a debt-to-equity ratio of 0.58, a current ratio of 2.00 and a quick ratio of 1.65. The firm has a market capitalization of $810.67 million, a price-to-earnings ratio of -7.13 and a beta of 1.76. The firm’s fifty day moving average is $5.36 and its 200 day moving average is $6.22.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $24.62 million during the quarter, compared to analysts’ expectations of $22.27 million. Pacific Biosciences of California had a negative net margin of 140.68% and a negative return on equity of 106.36%. Equities research analysts forecast that Pacific Biosciences of California will post -0.64 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of PACB. ARP Americas LP boosted its holdings in shares of Pacific Biosciences of California by 40.6% during the second quarter. ARP Americas LP now owns 4,382,622 shares of the biotechnology company’s stock worth $26,515,000 after purchasing an additional 1,264,990 shares during the period. Grantham Mayo Van Otterloo & Co. LLC acquired a new stake in Pacific Biosciences of California in the second quarter valued at approximately $6,332,000. Assenagon Asset Management S.A. acquired a new stake in Pacific Biosciences of California in the third quarter valued at approximately $5,062,000. BNP Paribas Arbitrage SA lifted its stake in Pacific Biosciences of California by 2,568.4% in the second quarter. BNP Paribas Arbitrage SA now owns 941,631 shares of the biotechnology company’s stock valued at $5,697,000 after acquiring an additional 906,343 shares during the last quarter. Finally, Man Group plc lifted its stake in Pacific Biosciences of California by 123.2% in the second quarter. Man Group plc now owns 1,538,409 shares of the biotechnology company’s stock valued at $9,308,000 after acquiring an additional 849,048 shares during the last quarter. Institutional investors and hedge funds own 69.69% of the company’s stock.

About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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