Pacific Biosciences of California (NASDAQ:PACB) Issues Earnings Results

Pacific Biosciences of California (NASDAQ:PACBGet Rating) released its earnings results on Wednesday. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.02, Fidelity Earnings reports. Pacific Biosciences of California had a negative net margin of 147.39% and a negative return on equity of 34.55%. During the same quarter in the prior year, the firm posted ($0.21) EPS. Pacific Biosciences of California updated its FY 2022 guidance to EPS.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB traded up $0.25 during mid-day trading on Friday, reaching $6.06. The company had a trading volume of 6,456,479 shares, compared to its average volume of 6,307,524. The company has a debt-to-equity ratio of 1.22, a quick ratio of 16.38 and a current ratio of 16.87. Pacific Biosciences of California has a one year low of $3.85 and a one year high of $34.95. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -6.59 and a beta of 1.43. The business’s 50-day simple moving average is $4.80 and its 200 day simple moving average is $7.51.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC grew its position in Pacific Biosciences of California by 50.1% in the first quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock valued at $946,000 after acquiring an additional 34,699 shares during the last quarter. Hsbc Holdings PLC grew its position in Pacific Biosciences of California by 125.3% in the first quarter. Hsbc Holdings PLC now owns 96,953 shares of the biotechnology company’s stock valued at $883,000 after acquiring an additional 53,919 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Pacific Biosciences of California in the first quarter valued at about $707,000. Walleye Capital LLC grew its position in Pacific Biosciences of California by 414.7% in the first quarter. Walleye Capital LLC now owns 51,225 shares of the biotechnology company’s stock valued at $466,000 after acquiring an additional 41,272 shares during the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of Pacific Biosciences of California by 1,405.2% during the first quarter. Quantbot Technologies LP now owns 35,793 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 33,415 shares during the last quarter. Institutional investors own 96.72% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PACB shares. Cowen set a $9.00 price target on shares of Pacific Biosciences of California in a research report on Tuesday, July 19th. Cantor Fitzgerald lowered their target price on Pacific Biosciences of California from $23.00 to $19.00 in a research note on Thursday, May 5th. Piper Sandler decreased their price target on shares of Pacific Biosciences of California from $13.00 to $6.00 and set a “na” rating for the company in a research note on Sunday, May 15th. Finally, Canaccord Genuity Group cut their price objective on Pacific Biosciences of California from $17.00 to $14.00 and set a “buy” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.17.

About Pacific Biosciences of California

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Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit 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 for Pacific Biosciences of California (NASDAQ:PACB)

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