Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down to $4.69

Shares of Pacific Biosciences of California (NASDAQ:PACB) gapped down before the market opened on Monday . The stock had previously closed at $4.67, but opened at $4.69. Pacific Biosciences of California shares last traded at $4.60, with a volume of 21,017 shares.

A number of equities research analysts recently weighed in on the company. BidaskClub downgraded Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 29th. Piper Jaffray Companies raised Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, October 15th. Finally, ValuEngine raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. Pacific Biosciences of California presently has a consensus rating of “Hold” and an average price target of $8.00.

The stock has a market cap of $743.41 million, a P/E ratio of -6.13 and a beta of 1.68. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.00 and a quick ratio of 1.65. The business’s 50 day simple moving average is $5.05 and its 200 day simple moving average is $5.92.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The business had revenue of $21.92 million for the quarter, compared to the consensus estimate of $28.02 million. Pacific Biosciences of California had a negative return on equity of 106.36% and a negative net margin of 140.68%. Research analysts predict that Pacific Biosciences of California will post -0.65 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in PACB. Cubist Systematic Strategies LLC bought a new position in Pacific Biosciences of California during the second quarter worth about $28,000. Point72 Hong Kong Ltd bought a new position in Pacific Biosciences of California during the second quarter worth about $37,000. Quest Capital Management Inc. ADV bought a new position in Pacific Biosciences of California during the third quarter worth about $39,000. FNY Investment Advisers LLC lifted its stake in Pacific Biosciences of California by 211.1% during the second quarter. FNY Investment Advisers LLC now owns 11,200 shares of the biotechnology company’s stock worth $67,000 after purchasing an additional 7,600 shares during the period. Finally, Clean Yield Group lifted its stake in Pacific Biosciences of California by 160.0% during the third quarter. Clean Yield Group now owns 13,000 shares of the biotechnology company’s stock worth $67,000 after purchasing an additional 8,000 shares during the period. Hedge funds and other institutional investors own 70.11% of the company’s stock.

About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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