Pacific Biosciences of California (NASDAQ:PACB) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Pacific Biosciences of California to “sell” from “hold.” The broader analyst consensus is “Reduce,” with one Buy, two Hold and two Sell ratings and an average price target of $1.83.
• PACB shares opened at $1.19, below their 50-day and 200-day moving averages of $1.46 and $1.55, respectively. The stock has traded between $1.09 and $2.73 over the past year, with a market capitalization of approximately $368 million.
• The company reported a quarterly loss of $0.14 per share, slightly worse than the $0.13 expected, while revenue of $39.01 million fell short of the $42.90 million consensus estimate. Pacific Biosciences also posted an 82.49% negative net margin.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other research firms have also weighed in on PACB. Barclays raised their price objective on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an "underweight" rating in a report on Monday, May 11th. Zacks Research lowered Pacific Biosciences of California from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Pacific Biosciences of California in a report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $1.83.

Pacific Biosciences of California Stock Performance

Shares of NASDAQ PACB opened at $1.19 on Friday. The business has a fifty day moving average of $1.46 and a two-hundred day moving average of $1.55. Pacific Biosciences of California has a 52-week low of $1.09 and a 52-week high of $2.73. The stock has a market cap of $368.06 million, a PE ratio of -2.76 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $39.01 million for the quarter, compared to the consensus estimate of $42.90 million. Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 1,043.14%. Analysts predict that Pacific Biosciences of California will post -0.5 earnings per share for the current year.

Institutional Trading of Pacific Biosciences of California

Hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 20.5% in the 4th quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company's stock worth $69,684,000 after purchasing an additional 6,340,125 shares during the last quarter. BlackRock Inc. acquired a new position in Pacific Biosciences of California during the 2nd quarter worth $54,330,000. Vanguard Group Inc. boosted its position in Pacific Biosciences of California by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company's stock valued at $20,966,000 after buying an additional 362,797 shares during the last quarter. Geode Capital Management LLC boosted its position in Pacific Biosciences of California by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 7,078,744 shares of the biotechnology company's stock valued at $13,241,000 after buying an additional 172,089 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Pacific Biosciences of California by 500.9% in the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company's stock valued at $6,293,000 after buying an additional 4,098,555 shares during the period.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company's proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.

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