Pacific Biosciences of California (NASDAQ:PACB) Stock Price Up 7% – Still a Buy?

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) rose 7% during trading on Wednesday . The stock traded as high as $1.81 and last traded at $1.7650. Approximately 1,365,774 shares traded hands during trading, a decline of 85% from the average daily volume of 9,219,410 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

PACB has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Wednesday, October 8th. Stephens lifted their target price 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. Finally, 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 report on Tuesday, November 11th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.00.

Pacific Biosciences of California Trading Up 6.4%

The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. The company has a 50 day simple moving average of $1.60 and a 200 day simple moving average of $1.39. The company has a market capitalization of $529.85 million, a PE ratio of -0.77 and a beta of 2.30.

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

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. Teacher Retirement System of Texas acquired a new position in shares of Pacific Biosciences of California in the 1st quarter valued at $43,000. Wealthfront Advisers LLC raised its holdings in Pacific Biosciences of California by 137.3% in the 1st quarter. Wealthfront Advisers LLC now owns 89,576 shares of the biotechnology company’s stock valued at $106,000 after buying an additional 51,825 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Pacific Biosciences of California in the first quarter valued at about $482,000. ARK Investment Management LLC boosted its stake in Pacific Biosciences of California by 1.2% during the first quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 434,079 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of Pacific Biosciences of California by 3.8% in the 1st quarter. Federated Hermes Inc. now owns 465,258 shares of the biotechnology company’s stock valued at $549,000 after acquiring an additional 16,960 shares during the period.

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.