Weiss Ratings Reiterates Sell (E+) Rating for Pacific Biosciences of California (NASDAQ:PACB)

Key Points

• Weiss Ratings has reiterated a "sell (E+)" rating for Pacific Biosciences of California, indicating a bearish outlook for the stock.
• A number of analysts have also updated their ratings, with Wall Street Zen upgrading to "hold," while Barclays reduced their price target to $1.50.
• Pacific Biosciences reported a revenue of $39.77 million for the last quarter, exceeding analyst estimates, but it still posted a loss of ($0.13) EPS.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report)'s stock had its "sell (e+)" rating reiterated by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other research analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays decreased their price target 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. Finally, 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. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $1.90.

Pacific Biosciences of California Stock Up 7.9%

PACB stock opened at $1.51 on Wednesday. The firm has a market cap of $453.56 million, a PE ratio of -0.66 and a beta of 2.10. 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 firm's 50 day moving average price is $1.31 and its 200-day moving average price is $1.26. Pacific Biosciences of California has a one year low of $0.85 and a one year high of $2.72.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PACB. Jump Financial LLC bought a new position in Pacific Biosciences of California during the 1st quarter worth approximately $25,000. Cim Investment Management Inc. boosted its stake in Pacific Biosciences of California by 100.7% during the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company's stock worth $32,000 after acquiring an additional 12,822 shares during the last quarter. Hartline Investment Corp bought a new position in Pacific Biosciences of California during the 1st quarter worth approximately $37,000. Wealth Enhancement Advisory Services LLC boosted its stake in 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 last quarter. Finally, Teacher Retirement System of Texas bought a new position in Pacific Biosciences of California during the 1st quarter worth approximately $43,000.

About Pacific Biosciences of California

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.