Pacific Biosciences of California Inc. (NASDAQ:PACB) shares were down 3.1% during mid-day trading on Thursday . The stock 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.

Several research analysts have recently issued reports on PACB shares. Vetr cut shares of Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating and set a $10.42 target price on the stock. in a report on Wednesday, April 6th. Zacks Investment Research raised Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Monday, April 11th. First Analysis began coverage on Pacific Biosciences of California in a research note on Thursday, April 14th. They issued an “overweight” rating and a $11.00 price target for the company. MKM Partners began coverage on Pacific Biosciences of California in a research note on Friday, April 15th. They issued a “neutral” rating and a $16.50 price target for the company. Finally, CL King began coverage on Pacific Biosciences of California in a research note on Monday, June 27th. They issued a “buy” rating and a $11.00 price target for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Pacific Biosciences of California has a consensus rating of “Buy” and a consensus target price of $11.89.

The stock’s market capitalization is $656.38 million. The company’s 50-day moving average is $8.74 and its 200 day moving average is $9.58.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, April 21st. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.02. The firm had revenue of $19.10 million for the quarter, compared to analysts’ expectations of $18.02 million. During the same period last year, the company earned ($0.27) earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis. On average, equities research analysts forecast that Pacific Biosciences of California Inc. will post ($0.86) EPS for the current fiscal year.

In other news, SVP James Michael Phillips sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $10.29, for a total transaction of $205,800.00. Following the sale, the senior vice president now directly owns 201,449 shares of the company’s stock, valued at approximately $2,072,910.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several institutional investors recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC increased its position in Pacific Biosciences of California by 30.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 321,855 shares of the company’s stock valued at $4,226,000 after buying an additional 74,529 shares in the last quarter. Oracle Investment Management Inc. increased its position in Pacific Biosciences of California by 13.0% in the fourth quarter. Oracle Investment Management Inc. now owns 3,656,431 shares of the company’s stock valued at $48,009,000 after buying an additional 420,270 shares in the last quarter. EAM Investors LLC bought a new position in Pacific Biosciences of California during the fourth quarter valued at $1,420,000. Commerzbank Aktiengesellschaft FI bought a new position in Pacific Biosciences of California during the fourth quarter valued at $1,054,000. Finally, Oxford Asset Management bought a new position in Pacific Biosciences of California during the fourth quarter valued at $2,195,000.

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.

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