Pacific Biosciences of California, Inc. (NASDAQ:PACB) Expected to Post Quarterly Sales of $25.69 Million

Equities research analysts expect Pacific Biosciences of California, Inc. (NASDAQ:PACB) to report $25.69 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Pacific Biosciences of California’s earnings. The highest sales estimate is $26.20 million and the lowest is $25.05 million. Pacific Biosciences of California reported sales of $15.60 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 64.7%. The company is scheduled to announce its next quarterly earnings results on Wednesday, May 5th.

On average, analysts expect that Pacific Biosciences of California will report full-year sales of $133.26 million for the current year, with estimates ranging from $126.69 million to $141.41 million. For the next financial year, analysts forecast that the company will post sales of $194.62 million, with estimates ranging from $180.79 million to $222.02 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Pacific Biosciences of California.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Tuesday, February 9th. The biotechnology company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.06). The company had revenue of $27.10 million for the quarter, compared to analysts’ expectations of $25.54 million. Pacific Biosciences of California had a negative net margin of 57.25% and a negative return on equity of 101.30%. The firm’s revenue for the quarter was up 41.9% compared to the same quarter last year.

Several brokerages have issued reports on PACB. Piper Sandler upgraded Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $20.00 to $52.00 in a research note on Thursday, February 11th. Cantor Fitzgerald boosted their price objective on Pacific Biosciences of California from $45.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, February 11th. Finally, Morgan Stanley boosted their price objective on Pacific Biosciences of California from $12.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, February 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $35.60.

Shares of Pacific Biosciences of California stock opened at $29.27 on Friday. The business’s fifty day simple moving average is $37.87 and its 200 day simple moving average is $21.03. The firm has a market capitalization of $5.65 billion, a P/E ratio of -104.53 and a beta of 1.32. Pacific Biosciences of California has a 12 month low of $2.20 and a 12 month high of $53.69.

In other news, Director Michael Hunkapiller sold 335,549 shares of the company’s stock in a transaction dated Monday, December 21st. The stock was sold at an average price of $23.00, for a total value of $7,717,627.00. Following the completion of the transaction, the director now directly owns 910,715 shares in the company, valued at approximately $20,946,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lucy Shapiro sold 101,666 shares of the company’s stock in a transaction dated Friday, February 12th. The stock was sold at an average price of $50.40, for a total value of $5,123,966.40. Following the completion of the transaction, the director now owns 35,000 shares of the company’s stock, valued at $1,764,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,195,168 shares of company stock valued at $79,945,094. 11.60% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Pacific Biosciences of California during the 4th quarter valued at about $3,108,000. UBS Asset Management Americas Inc. raised its position in Pacific Biosciences of California by 79.4% during the 4th quarter. UBS Asset Management Americas Inc. now owns 222,546 shares of the biotechnology company’s stock valued at $5,773,000 after purchasing an additional 98,463 shares during the last quarter. Avitas Wealth Management LLC bought a new position in Pacific Biosciences of California during the 4th quarter valued at approximately $1,935,000. Twin Lakes Capital Management LLC bought a new position in Pacific Biosciences of California during the 4th quarter valued at approximately $528,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in Pacific Biosciences of California during the 4th quarter valued at approximately $5,566,000. Institutional investors own 84.85% of the company’s stock.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. Its single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. The company also provides consumable products, including SMRT cells, as well as various reagent kits designed for specific workflow such as template preparation to convert DNA into SMRTbell double-stranded DNA library formats including molecular biology reagents, such as ligase, buffers and exonucleases.

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Earnings History and Estimates for Pacific Biosciences of California (NASDAQ:PACB)

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