Pacific Biosciences of California (NASDAQ:PACB) Trading Up 7.4%

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price was up 7.4% during trading on Wednesday . The company traded as high as $1.97 and last traded at $1.97. Approximately 2,736,350 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 10,159,250 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a report on Tuesday, May 14th. TD Cowen cut their price target on Pacific Biosciences of California from $12.00 to $2.50 and set a "buy" rating on the stock in a report on Wednesday, April 17th. Scotiabank cut their price target on Pacific Biosciences of California from $15.00 to $8.00 and set a "sector outperform" rating on the stock in a report on Thursday, April 18th. Morgan Stanley cut their price target on Pacific Biosciences of California from $10.00 to $4.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. cut Pacific Biosciences of California from an "overweight" rating to a "neutral" rating in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.59.

Pacific Biosciences of California Stock Performance

The company has a quick ratio of 8.36, a current ratio of 9.28 and a debt-to-equity ratio of 1.38. The stock has a market cap of $503.87 million, a price-to-earnings ratio of -1.66 and a beta of 1.99. The company's 50-day simple moving average is $2.61 and its 200-day simple moving average is $5.69.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). The firm had revenue of $38.81 million for the quarter, compared to analyst estimates of $38.78 million. Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. Analysts predict that Pacific Biosciences of California, Inc. will post -0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David W. Meline acquired 40,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were purchased at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the transaction, the director now owns 40,000 shares in the company, valued at approximately $176,000. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at $38,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at $59,000. Kennedy Capital Management LLC acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at $64,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at $80,000.

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.