Pacific Biosciences of California (NASDAQ:PACB) Shares Down 8.2% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares fell 8.2% during mid-day trading on Wednesday . The stock traded as low as $2.40 and last traded at $2.4150. 1,680,212 shares changed hands during trading, a decline of 82% from the average session volume of 9,339,421 shares. The stock had previously closed at $2.63.

Analyst Ratings Changes

PACB has been the topic of a number of recent research reports. Piper Sandler raised their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Stephens boosted their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.00.

Pacific Biosciences of California Price Performance

The stock’s 50-day moving average is $1.70 and its 200 day moving average is $1.43. The stock has a market capitalization of $692.88 million, a PE ratio of -1.00 and a beta of 2.30. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The company had revenue of $3.34 million during the quarter. As a group, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC boosted its holdings in Pacific Biosciences of California by 5.2% in the third quarter. Intech Investment Management LLC now owns 132,368 shares of the biotechnology company’s stock valued at $169,000 after acquiring an additional 6,564 shares during the last quarter. Rhumbline Advisers lifted its position in Pacific Biosciences of California by 2.1% during the 3rd quarter. Rhumbline Advisers now owns 415,679 shares of the biotechnology company’s stock valued at $532,000 after purchasing an additional 8,532 shares during the period. Cetera Investment Advisers boosted its stake in shares of Pacific Biosciences of California by 10.1% in the 2nd quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 9,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Pacific Biosciences of California by 47.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock worth $37,000 after buying an additional 9,739 shares during the period. Finally, Raymond James Financial Inc. raised its stake in shares of Pacific Biosciences of California by 6.5% during the third quarter. Raymond James Financial Inc. now owns 161,865 shares of the biotechnology company’s stock worth $207,000 after buying an additional 9,896 shares during the last quarter.

Pacific Biosciences of California Company Profile

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