Pacific Biosciences of California (NASDAQ:PACB) Trading 9.4% Higher - Time to Buy?

Key Points

• Pacific Biosciences of California's stock rose by 9.4% during mid-day trading, with shares last recorded at $1.69, but trading volume declined significantly by 51% compared to the average session volume.
• Analysts have varied perspectives on the stock, with price targets ranging from as low as $1.25 to as high as $3.00, but the consensus rating remains a "Hold" with an average target price of $2.06.
• The company reported a loss of ($0.15) EPS for its last quarter, exceeding analysts' expectations, while also showcasing a revenue of $37.15 million, surpassing consensus estimates.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) traded up 9.4% during trading on Monday . The company traded as high as $1.67 and last traded at $1.69. 4,884,913 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 10,008,576 shares. The stock had previously closed at $1.54.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, April 10th. Stephens reissued an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Barclays reduced their price target 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. Finally, Piper Sandler reduced their price target on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Pacific Biosciences of California has a consensus rating of "Hold" and a consensus target price of $2.06.

Pacific Biosciences of California Price Performance

The stock's 50 day moving average is $1.31 and its two-hundred day moving average is $1.34. The company has a debt-to-equity ratio of 7.05, a current ratio of 6.68 and a quick ratio of 5.87. The stock has a market capitalization of $394.91 million, a PE ratio of -0.47 and a beta of 2.16.

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

Institutional Trading of Pacific Biosciences of California

A number of large investors have recently made changes to their positions in PACB. Jump Financial LLC purchased a new position in Pacific Biosciences of California in the first quarter valued at approximately $25,000. Sandbox Financial Partners LLC purchased a new position in Pacific Biosciences of California in the first quarter valued at approximately $32,000. Hartline Investment Corp purchased a new position in Pacific Biosciences of California in the first quarter valued at approximately $37,000. Wealth Enhancement Advisory Services LLC increased its stake in Pacific Biosciences of California by 47.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 9,739 shares during the last quarter. Finally, First Trust Advisors LP purchased a new position in Pacific Biosciences of California in the fourth quarter valued at approximately $42,000.

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.