Pacific Biosciences of California (NASDAQ:PACB) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.04), Briefing.com reports. Pacific Biosciences of California had a negative net margin of 100.09% and a negative return on equity of 95.29%. The business had revenue of $18.16 million during the quarter, compared to the consensus estimate of $22.39 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The company’s revenue for the quarter was down 22.9% compared to the same quarter last year.
Shares of PACB stock traded up $3.05 on Friday, reaching $7.56. 97,447,296 shares of the stock were exchanged, compared to its average volume of 1,493,557. The company has a market cap of $566.03 million, a P/E ratio of -8.69 and a beta of 2.14. Pacific Biosciences of California has a one year low of $2.02 and a one year high of $7.58. The company has a quick ratio of 3.28, a current ratio of 4.33 and a debt-to-equity ratio of 0.17.
Several equities analysts have issued reports on the company. ValuEngine upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research report on Friday. BidaskClub upgraded Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 5th. Cowen assumed coverage on Pacific Biosciences of California in a research report on Friday, October 19th. They issued an “outperform” rating and a $6.50 price objective for the company. Cantor Fitzgerald set a $8.00 price objective on Pacific Biosciences of California and gave the company a “buy” rating in a research report on Thursday. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $3.80 price objective on shares of Pacific Biosciences of California in a research report on Friday, August 3rd. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $5.31.
An institutional investor recently raised its position in Pacific Biosciences of California stock. Bank of New York Mellon Corp lifted its position in shares of Pacific Biosciences of California (NASDAQ:PACB) by 11.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 487,890 shares of the biotechnology company’s stock after acquiring an additional 50,699 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.37% of Pacific Biosciences of California worth $1,732,000 at the end of the most recent reporting period. Institutional investors own 70.59% of the company’s stock.
Pacific Biosciences of California Company Profile
Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.
Featured Story: Diversification Important in Investing
Receive News & Ratings for Pacific Biosciences of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California and related companies with MarketBeat.com's FREE daily email newsletter.