Pacific Biosciences of California (NASDAQ:PACB) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Pacific Biosciences of California shares surpassed their 200-day moving average, trading as high as $1.53 before closing at $1.40, with a volume of over 5.8 million shares.
• Wall Street analysts have mixed views on the stock, with Barclays lowering its price target from $2.00 to $1.50, whereas Piper Sandler raised it from $1.25 to $1.50, resulting in a consensus rating of "Hold" and an average price target of $1.90.
• The company reported better-than-expected financial results, with revenues of $39.77 million, beating estimates, and a reported EPS of ($0.13), exceeding the consensus estimate by $0.05.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.26 and traded as high as $1.53. Pacific Biosciences of California shares last traded at $1.40, with a volume of 5,824,004 shares.

Wall Street Analyst Weigh In

Several research firms recently commented on PACB. Barclays cut their target price on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a research report on Wednesday, June 25th. Piper Sandler increased their price target on Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Pacific Biosciences of California in a report on Saturday, September 27th. Finally, Wall Street Zen raised 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, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Pacific Biosciences of California has a consensus rating of "Hold" and an average price target of $1.90.

Pacific Biosciences of California Stock Performance

The business's 50 day moving average is $1.30 and its two-hundred day moving average is $1.26. The company has a current ratio of 6.92, a quick ratio of 6.02 and a debt-to-equity ratio of 10.51. The company has a market cap of $420.52 million, a PE ratio of -0.61 and a beta of 2.10.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $39.77 million during the quarter, compared to analysts' expectations of $36.35 million. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. On average, equities research analysts anticipate that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PACB. Jump Financial LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter valued at $25,000. Cim Investment Management Inc. boosted its position in shares of Pacific Biosciences of California by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company's stock worth $32,000 after buying an additional 12,822 shares in the last quarter. Hartline Investment Corp purchased a new position in Pacific Biosciences of California in the 1st quarter valued at about $37,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Pacific Biosciences of California by 47.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company's stock worth $37,000 after acquiring an additional 9,739 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in Pacific Biosciences of California in the first quarter valued at approximately $43,000.

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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