Pacific Biosciences of California Inc. (NASDAQ:PACB) shares fell 3.1% during mid-day trading on Thursday . The company traded as low as $7.10 and last traded at $7.19, with a volume of 605,096 shares. The stock had previously closed at $7.42.

A number of brokerages have recently issued reports on PACB. Zacks Investment Research upgraded shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Tuesday, April 26th. First Analysis began coverage on shares of Pacific Biosciences of California in a research note on Thursday, April 14th. They set an “overweight” rating and a $11.00 price target on the stock. Vetr upgraded shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $10.42 price target on the stock in a research note on Monday, May 2nd. MKM Partners began coverage on shares of Pacific Biosciences of California in a research note on Friday, April 15th. They set a “neutral” rating and a $16.50 price target on the stock. Finally, CL King began coverage on shares of Pacific Biosciences of California in a research report on Monday, June 27th. They set a “buy” rating and a $11.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Pacific Biosciences of California currently has an average rating of “Buy” and an average target price of $11.89.

The company’s 50 day moving average is $8.87 and its 200-day moving average is $9.63. The firm’s market cap is $638.94 million.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, April 21st. The company reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.02. During the same quarter in the prior year, the business earned ($0.27) earnings per share. The firm earned $19.10 million during the quarter, compared to the consensus estimate of $18.02 million. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts predict that Pacific Biosciences of California Inc. will post ($0.86) EPS for the current fiscal year.

In related news, SVP James Michael Phillips sold 20,000 shares of Pacific Biosciences of California stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $10.29, for a total value of $205,800.00. Following the sale, the senior vice president now directly owns 201,449 shares in the company, valued at approximately $2,072,910.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Other hedge funds have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at $1,054,000. Swiss National Bank increased its stake in shares of Pacific Biosciences of California by 27.0% in the fourth quarter. Swiss National Bank now owns 84,446 shares of the company’s stock valued at $1,109,000 after buying an additional 17,946 shares in the last quarter. Russell Frank Co purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at $1,155,000. EAM Investors LLC purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at $1,420,000. Finally, California State Teachers Retirement System increased its stake in shares of Pacific Biosciences of California by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 112,214 shares of the company’s stock valued at $1,473,000 after buying an additional 1,998 shares in the last quarter.

Pacific Biosciences of California Inc designs, develops and manufactures the PacBio RS II Sequencing System to help scientists resolve genetically complex problems. Based on the Company’s Single Molecule, Real-Time (SMRT) technology, its products enable de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms and find genes; targeted sequencing to more comprehensively characterize genetic variations; and DNA (deoxyribonucleic acid) base modification identification to help characterize epigenetic regulation and DNA damage.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.