Pacific Biosciences of California (NASDAQ:PACB) Hits New 12-Month High – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price reached a new 52-week high on Friday . The stock traded as high as $2.73 and last traded at $2.6850, with a volume of 2608295 shares changing hands. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PACB shares. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Stephens boosted their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Barclays increased their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Finally, Piper Sandler lifted their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus target price of $2.08.

Pacific Biosciences of California Stock Performance

The company has a market cap of $801.57 million, a P/E ratio of -1.21 and a beta of 2.20. The company’s fifty day moving average is $2.10 and its 200 day moving average is $1.70. The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.04. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. The business had revenue of $38.44 million during the quarter, compared to the consensus estimate of $40.25 million. As a group, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of PACB. SteelPeak Wealth LLC raised its stake in shares of Pacific Biosciences of California by 172.0% during the fourth quarter. SteelPeak Wealth LLC now owns 81,422 shares of the biotechnology company’s stock valued at $152,000 after acquiring an additional 51,492 shares in the last quarter. Mirador Capital Partners LP increased its holdings in Pacific Biosciences of California by 1.7% during the 4th quarter. Mirador Capital Partners LP now owns 591,005 shares of the biotechnology company’s stock worth $1,105,000 after purchasing an additional 9,612 shares during the period. SG Americas Securities LLC raised its position 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 valued at $188,000 after purchasing an additional 30,078 shares in the last quarter. Green Alpha Advisors LLC lifted its holdings in shares of Pacific Biosciences of California by 5.4% in the 4th quarter. Green Alpha Advisors LLC now owns 183,466 shares of the biotechnology company’s stock worth $343,000 after buying an additional 9,441 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Pacific Biosciences of California during the 3rd quarter worth $38,000.

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.