Pacific Biosciences of California (NASDAQ:PACB) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Pacific Biosciences of California (NASDAQ:PACB) from a hold rating to a sell rating in a report published on Saturday morning.

Several other research firms also recently issued reports on PACB. Zacks Research downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Friday, July 17th. Finally, Barclays increased their price objective on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $1.83.

Pacific Biosciences of California Price Performance

Pacific Biosciences of California stock opened at $1.15 on Friday. The business has a 50 day moving average of $1.45 and a 200-day moving average of $1.54. Pacific Biosciences of California has a 1 year low of $1.09 and a 1 year high of $2.73. The company has a market capitalization of $357.19 million, a P/E ratio of -2.67 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Pacific Biosciences of California had a negative return on equity of 1,043.14% and a negative net margin of 82.49%.The business had revenue of $39.01 million for the quarter, compared to analyst estimates of $42.90 million. Equities analysts anticipate that Pacific Biosciences of California will post -0.52 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG lifted its holdings in Pacific Biosciences of California by 111.8% in the fourth quarter. UBS Group AG now owns 3,171,546 shares of the biotechnology company’s stock valued at $5,931,000 after buying an additional 1,674,320 shares during the period. Casdin Capital LLC boosted its position in Pacific Biosciences of California by 483.6% during the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after acquiring an additional 3,500,000 shares during the last quarter. Private Wealth Partners LLC acquired a new stake in Pacific Biosciences of California during the 4th quarter worth about $47,000. SG Americas Securities LLC grew its holdings in Pacific Biosciences of California by 42.6% during the 4th quarter. SG Americas Securities LLC now owns 100,751 shares of the biotechnology company’s stock worth $188,000 after acquiring an additional 30,078 shares during the period. Finally, Jennison Associates LLC bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth about $303,000.

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.