Pacific Biosciences of California (NASDAQ:PACB) Posts Quarterly Earnings Results, Hits Estimates

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.20) EPS for the quarter, hitting analysts' consensus estimates of ($0.20), Zacks reports. The company had revenue of $39.22 million for the quarter, compared to analysts' expectations of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. During the same quarter in the previous year, the firm posted ($0.27) earnings per share.

Pacific Biosciences of California Stock Up 25.0 %

Pacific Biosciences of California stock traded up $0.37 during midday trading on Friday, hitting $1.85. The stock had a trading volume of 45,822,557 shares, compared to its average volume of 10,437,161. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The stock has a market cap of $506.64 million, a P/E ratio of -1.27 and a beta of 1.92. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $6.83. The business has a fifty day moving average price of $1.80 and a 200 day moving average price of $1.79.

Analysts Set New Price Targets

A number of brokerages have commented on PACB. Scotiabank reduced their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating on the stock in a research note on Monday, November 11th. UBS Group cut Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price objective on the stock. in a research note on Monday, November 11th. The Goldman Sachs Group cut their price target on Pacific Biosciences of California from $2.25 to $1.75 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. Piper Sandler boosted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Finally, StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Pacific Biosciences of California presently has an average rating of "Hold" and an average price target of $2.85.

Insider Activity at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the transaction, the insider now directly owns 1,597,454 shares of the company's stock, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.40% of the stock is owned by corporate insiders.

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.