Pacific Biosciences of California (NASDAQ:PACB) Upgraded by BidaskClub to Sell

BidaskClub upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a strong sell rating to a sell rating in a research report released on Friday morning, BidAskClub reports.

A number of other research firms also recently commented on PACB. ValuEngine downgraded Pacific Biosciences of California from a buy rating to a hold rating in a report on Friday, July 19th. Cantor Fitzgerald set a $8.00 price objective on Pacific Biosciences of California and gave the company a hold rating in a report on Thursday, June 20th. Finally, Zacks Investment Research upgraded Pacific Biosciences of California from a sell rating to a hold rating in a report on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The stock presently has an average rating of Hold and a consensus target price of $6.58.

Shares of PACB traded up $0.05 during mid-day trading on Friday, reaching $5.43. The company’s stock had a trading volume of 1,252,531 shares, compared to its average volume of 1,695,101. Pacific Biosciences of California has a 12-month low of $3.33 and a 12-month high of $7.84. The firm has a market capitalization of $824.44 million, a PE ratio of -7.14 and a beta of 1.93. The company has a current ratio of 2.50, a quick ratio of 2.06 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average price is $5.87.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Friday, May 3rd. The biotechnology company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). Pacific Biosciences of California had a negative net margin of 143.62% and a negative return on equity of 102.01%. The business had revenue of $16.43 million during the quarter, compared to analysts’ expectations of $21.83 million. Sell-side analysts forecast that Pacific Biosciences of California will post -0.65 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. CNH Partners LLC lifted its position in Pacific Biosciences of California by 2.5% during the 1st quarter. CNH Partners LLC now owns 6,751,127 shares of the biotechnology company’s stock worth $48,811,000 after acquiring an additional 166,229 shares during the period. Alpine Associates Management Inc. lifted its position in Pacific Biosciences of California by 42.6% during the 1st quarter. Alpine Associates Management Inc. now owns 6,072,459 shares of the biotechnology company’s stock worth $43,905,000 after acquiring an additional 1,814,941 shares during the period. ARP Americas LP lifted its position in Pacific Biosciences of California by 40.6% during the 2nd quarter. ARP Americas LP now owns 4,382,622 shares of the biotechnology company’s stock worth $26,515,000 after acquiring an additional 1,264,990 shares during the period. Water Island Capital LLC lifted its position in Pacific Biosciences of California by 165.6% during the 1st quarter. Water Island Capital LLC now owns 3,623,677 shares of the biotechnology company’s stock worth $26,199,000 after acquiring an additional 2,259,146 shares during the period. Finally, Gabelli Funds LLC lifted its position in Pacific Biosciences of California by 66.2% during the 1st quarter. Gabelli Funds LLC now owns 2,900,106 shares of the biotechnology company’s stock worth $20,968,000 after acquiring an additional 1,155,636 shares during the period. Hedge funds and other institutional investors own 71.77% of the company’s stock.

About Pacific Biosciences of California

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.

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