Pacific Biosciences of California (NASDAQ:PACB) Share Price Passes Above 200 Day Moving Average - Time to Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.38 and traded as high as $1.51. Pacific Biosciences of California shares last traded at $1.47, with a volume of 4,339,654 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PACB shares. Barclays reduced their price target on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Wednesday, June 25th. Canaccord Genuity Group restated a "buy" rating and issued a $3.00 price objective on shares of Pacific Biosciences of California in a report on Thursday, April 10th. Stephens reissued an "overweight" rating and issued a $1.80 price objective on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Piper Sandler dropped their price objective on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Finally, Scotiabank lowered their target price on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a research note on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Pacific Biosciences of California currently has an average rating of "Hold" and a consensus price target of $2.06.

Pacific Biosciences of California Price Performance

The company has a current ratio of 6.68, a quick ratio of 5.87 and a debt-to-equity ratio of 7.05. The business has a 50-day simple moving average of $1.19 and a 200 day simple moving average of $1.37. The stock has a market cap of $432.12 million, a P/E ratio of -0.52 and a beta of 2.16.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.04. The company had revenue of $37.15 million for the quarter, compared to analyst estimates of $36.90 million. Pacific Biosciences of California had a negative return on equity of 52.07% and a negative net margin of 430.93%. During the same quarter last year, the company earned ($0.26) earnings per share. On average, analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of large investors have recently made changes to their positions in PACB. Softbank Group CORP. bought a new stake in Pacific Biosciences of California during the fourth quarter valued at $37,426,000. Millennium Management LLC lifted its stake in Pacific Biosciences of California by 66.9% during the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock worth $31,230,000 after purchasing an additional 6,840,953 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Pacific Biosciences of California during the fourth quarter worth about $8,962,000. Koss Olinger Consulting LLC lifted its stake in Pacific Biosciences of California by 150.0% during the fourth quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company's stock worth $3,660,000 after purchasing an additional 1,200,000 shares during the last quarter. Finally, Barclays PLC lifted its stake in Pacific Biosciences of California by 178.9% during the fourth quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock worth $3,038,000 after purchasing an additional 1,064,909 shares during the last quarter.

About Pacific Biosciences of California

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.