Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 5.5% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price traded down 5.5% during mid-day trading on Tuesday . The company traded as low as $1.65 and last traded at $1.6350. Approximately 381,982 shares were traded during trading, a decline of 94% from the average session volume of 6,644,544 shares. The stock had previously closed at $1.73.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Zacks Research downgraded Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Barclays increased their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $1.83.

Pacific Biosciences of California Stock Performance

The business’s 50-day moving average is $1.44 and its two-hundred day moving average is $1.66. The stock has a market capitalization of $507.83 million, a PE ratio of -3.80 and a beta of 2.35.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. The company had revenue of $37.18 million during the quarter, compared to the consensus estimate of $39.94 million. Equities analysts forecast that Pacific Biosciences of California, Inc. will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds have recently added to or reduced their stakes in PACB. Essential Partners LLC purchased a new position in shares of Pacific Biosciences of California during the 1st quarter worth approximately $25,000. Sei Investments Co. purchased a new stake in shares of Pacific Biosciences of California in the first quarter valued at approximately $220,000. State of Wyoming grew its holdings in Pacific Biosciences of California by 663.4% during the first quarter. State of Wyoming now owns 55,529 shares of the biotechnology company’s stock worth $73,000 after acquiring an additional 48,255 shares during the period. Himension Capital Singapore PTE. LTD. acquired a new position in Pacific Biosciences of California during the first quarter worth $365,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Pacific Biosciences of California by 177.9% in the first quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company’s stock valued at $1,187,000 after acquiring an additional 575,801 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.