Pacific Biosciences of California (NASDAQ:PACB) Shares Cross Above 200 Day Moving Average - What's Next?

Key Points

• Pacific Biosciences of California shares have recently surpassed their 200-day moving average of $1.29, closing at $1.32 with a trading volume of over 4 million shares.
• Despite the positive movement, several analysts have adjusted their target prices, with Barclays lowering it to $1.50 and Stephens maintaining an "overweight" rating with a target of $1.80.
• The company reported a quarterly earnings loss of ($0.13) per share, which was better than the expected ($0.18), and achieved revenue of $39.77 million, exceeding consensus estimates.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.29 and traded as high as $1.38. Pacific Biosciences of California shares last traded at $1.32, with a volume of 4,074,421 shares.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PACB. Barclays lowered their price objective 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. Piper Sandler boosted their price objective on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a "neutral" rating in a report on Monday, August 11th. Stephens restated an "overweight" rating and issued a $1.80 price objective on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $1.90.

Pacific Biosciences of California Trading Down 1.5%

The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02. The firm's 50 day moving average is $1.39 and its 200 day moving average is $1.29. The company has a market capitalization of $393.49 million, a PE ratio of -0.57 and a beta of 2.17.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.05. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The company had revenue of $39.77 million for the quarter, compared to the consensus estimate of $36.35 million. As a group, equities analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PACB. Wells Fargo & Company MN increased its position in Pacific Biosciences of California by 26.3% during the 4th quarter. Wells Fargo & Company MN now owns 163,154 shares of the biotechnology company's stock valued at $299,000 after purchasing an additional 33,933 shares during the period. Raymond James Financial Inc. purchased a new position in Pacific Biosciences of California during the 4th quarter valued at $253,000. First Trust Advisors LP purchased a new position in Pacific Biosciences of California during the 4th quarter valued at $42,000. MetLife Investment Management LLC increased its position in Pacific Biosciences of California by 21.0% during the 4th quarter. MetLife Investment Management LLC now owns 145,379 shares of the biotechnology company's stock valued at $266,000 after purchasing an additional 25,216 shares during the period. Finally, Stifel Financial Corp increased its position in Pacific Biosciences of California by 33.2% during the 4th quarter. Stifel Financial Corp now owns 67,531 shares of the biotechnology company's stock valued at $124,000 after purchasing an additional 16,843 shares during the period.

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.