Pacific Biosciences of California (NASDAQ:PACB) Trading Down 8.2% - Here's What Happened

Key Points

• Pacific Biosciences of California shares dropped by 8.2%, trading as low as $1.75, and experiencing a significant decline in trading volume, down 68% from average levels.
• Wall Street analysts have mixed ratings on the stock, with three recommending a buy, four holding, and one selling, alongside target price adjustments reflecting a range of $1.25 to $2.00.
• The company's recent earnings report showed a significant negative net margin of 336.40% and an anticipated loss of $0.72 EPS for the current fiscal year.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) shares fell 8.2% during mid-day trading on Wednesday . The company traded as low as $1.76 and last traded at $1.75. 2,971,818 shares traded hands during trading, a decline of 68% from the average session volume of 9,161,154 shares. The stock had previously closed at $1.90.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PACB. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research note on Monday, August 11th. 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 report on Wednesday, June 25th. Wall Street Zen upgraded Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell 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 9.2%

The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. The company has a 50 day moving average of $1.37 and a 200 day moving average of $1.29. The stock has a market capitalization of $518.14 million, a price-to-earnings ratio of -0.75 and a beta of 2.10.

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

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors have recently bought and sold shares of PACB. Jump Financial LLC acquired a new position in Pacific Biosciences of California in the 1st quarter valued at about $25,000. Cim Investment Management Inc. lifted its stake in Pacific Biosciences of California by 100.7% during the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 12,822 shares during the last quarter. Hartline Investment Corp purchased a new stake in Pacific Biosciences of California during the first quarter worth approximately $37,000. Wealth Enhancement Advisory Services LLC lifted its stake in Pacific Biosciences of California by 47.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 9,739 shares during the last quarter. Finally, SteelPeak Wealth LLC lifted its stake in Pacific Biosciences of California by 95.6% during the third quarter. SteelPeak Wealth LLC now owns 29,930 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 14,626 shares during the last quarter.

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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