Pacific Biosciences of California (NASDAQ:PACB) Shares Up 9.7% - Should You Buy?

Key Points

• Pacific Biosciences of California, Inc. (PACB) experienced a notable stock increase of 9.7%, trading at $1.75 with a significant volume drop compared to its average.
• Several analysts have revised their ratings on PACB, with Barclays lowering its price target from $2.00 to $1.50, while Wall Street Zen upgraded it from "sell" to "hold."
• The biotechnology company is reporting negative earnings of -0.23 EPS and anticipates -0.72 EPS for the current year, indicating ongoing financial challenges.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) shares rose 9.7% on Wednesday . The stock traded as high as $1.75 and last traded at $1.75. Approximately 5,017,880 shares changed hands during trading, a decline of 45% from the average daily volume of 9,110,946 shares. The stock had previously closed at $1.59.

Analyst Ratings Changes

PACB has been the topic of several recent research reports. Barclays cut their price objective on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research report on Wednesday, June 25th. Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Weiss Ratings reissued a "sell (e+)" rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Finally, Piper Sandler lifted their price target on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of "Hold" and a consensus target price of $1.90.

Pacific Biosciences of California Stock Performance

The firm's 50 day moving average price is $1.32 and its 200-day moving average price is $1.27. The firm has a market cap of $509.13 million, a price-to-earnings ratio of -0.74 and a beta of 2.10. The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The company had revenue of $3.34 million during the quarter. On average, analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc lifted its holdings in shares of Pacific Biosciences of California by 15.7% during the third quarter. AdvisorNet Financial Inc now owns 125,817 shares of the biotechnology company's stock valued at $161,000 after acquiring an additional 17,048 shares during the period. Mirador Capital Partners LP lifted its holdings in shares of Pacific Biosciences of California by 3.1% during the third quarter. Mirador Capital Partners LP now owns 581,393 shares of the biotechnology company's stock valued at $744,000 after acquiring an additional 17,723 shares during the period. Amiral Gestion bought a new position in shares of Pacific Biosciences of California during the second quarter valued at $3,208,000. Cim Investment Management Inc. raised its holdings in shares of Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company's stock valued at $32,000 after buying an additional 12,822 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Pacific Biosciences of California during the 2nd quarter worth about $110,000.

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.

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