Pacific Biosciences of California (NASDAQ:PACB) Issues Earnings Results

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) released its earnings results on Wednesday. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.02, Fidelity Earnings reports. Pacific Biosciences of California had a negative net margin of 147.39% and a negative return on equity of 34.55%. During the same quarter in the prior year, the firm posted ($0.21) EPS. Pacific Biosciences of California updated its FY 2022 guidance to EPS.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB traded up $0.25 during mid-day trading on Friday, reaching $6.06. The company had a trading volume of 6,456,479 shares, compared to its average volume of 6,307,524. The company has a debt-to-equity ratio of 1.22, a quick ratio of 16.38 and a current ratio of 16.87. Pacific Biosciences of California has a one year low of $3.85 and a one year high of $34.95. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -6.59 and a beta of 1.43. The business’s 50-day simple moving average is $4.80 and its 200 day simple moving average is $7.51.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC grew its position in Pacific Biosciences of California by 50.1% in the first quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock valued at $946,000 after acquiring an additional 34,699 shares during the last quarter. Hsbc Holdings PLC grew its position in Pacific Biosciences of California by 125.3% in the first quarter. Hsbc Holdings PLC now owns 96,953 shares of the biotechnology company’s stock valued at $883,000 after acquiring an additional 53,919 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Pacific Biosciences of California in the first quarter valued at about $707,000. Walleye Capital LLC grew its position in Pacific Biosciences of California by 414.7% in the first quarter. Walleye Capital LLC now owns 51,225 shares of the biotechnology company’s stock valued at $466,000 after acquiring an additional 41,272 shares during the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of Pacific Biosciences of California by 1,405.2% during the first quarter. Quantbot Technologies LP now owns 35,793 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 33,415 shares during the last quarter. Institutional investors own 96.72% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PACB shares. Cowen set a $9.00 price target on shares of Pacific Biosciences of California in a research report on Tuesday, July 19th. Cantor Fitzgerald lowered their target price on Pacific Biosciences of California from $23.00 to $19.00 in a research note on Thursday, May 5th. Piper Sandler decreased their price target on shares of Pacific Biosciences of California from $13.00 to $6.00 and set a “na” rating for the company in a research note on Sunday, May 15th. Finally, Canaccord Genuity Group cut their price objective on Pacific Biosciences of California from $17.00 to $14.00 and set a “buy” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.17.

About Pacific Biosciences of California

(Get Rating)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.