Pacific Biosciences of California Inc. (PACB) Rating Lowered to Sell at Zacks Investment Research
According to Zacks, “Pacific Biosciences’ second quarterly numbers fell year over year. In addition to the headwind related to the limited availability of Single Molecule, Real-Time (SMRT) cells for the Sequel system and lower contractual revenues, higher non-cash operating expenses will hurt bottom-line growth. We believe persistent losses and cash burn are the primary headwinds in the near term. Meanwhile, estimates have been falling lately ahead of the company’s third-quarter earnings release. Nevertheless, we believe growing adoption of the Sequel system will boost the top line in 2016 and beyond. Moreover, lower product development cost for the Sequel system will expand gross margin. Additionally, development and distribution collaborations will drive market penetration over the long haul.”
A number of other research firms have also weighed in on PACB. CL King began coverage on shares of Pacific Biosciences of California in a research report on Monday, June 27th. They issued a buy rating and a $11.00 price target for the company. Cantor Fitzgerald reiterated a buy rating and issued a $18.00 price target on shares of Pacific Biosciences of California in a research report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Pacific Biosciences of California currently has a consensus rating of Buy and a consensus target price of $12.46.
Pacific Biosciences of California (NASDAQ:PACB) opened at 9.05 on Wednesday. The company has a 50-day moving average of $8.72 and a 200-day moving average of $8.75. The stock’s market cap is $831.47 million. Pacific Biosciences of California has a 12 month low of $6.76 and a 12 month high of $14.00.
Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, August 4th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.01. The company earned $20.70 million during the quarter, compared to analyst estimates of $20.19 million. Pacific Biosciences of California had a negative net margin of 41.57% and a negative return on equity of 77.61%. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) earnings per share. On average, equities analysts forecast that Pacific Biosciences of California will post ($0.85) EPS for the current fiscal year.
In related news, SVP James Michael Phillips sold 20,000 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $8.45, for a total transaction of $169,000.00. Following the completion of the transaction, the senior vice president now owns 198,949 shares in the company, valued at $1,681,119.05. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 19.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PACB. Bourne Lent Asset Management Inc. increased its stake in Pacific Biosciences of California by 8.0% in the second quarter. Bourne Lent Asset Management Inc. now owns 176,350 shares of the company’s stock worth $1,241,000 after buying an additional 13,000 shares during the last quarter. Trellus Management Company LLC increased its stake in shares of Pacific Biosciences of California by 39.4% in the second quarter. Trellus Management Company LLC now owns 225,000 shares of the company’s stock valued at $1,583,000 after buying an additional 63,600 shares in the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at $191,000. Iguana Healthcare Management LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at $618,000. Finally, Bridger Management LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at $34,823,000. 66.70% of the stock is currently owned by institutional investors.
Pacific Biosciences of California Company Profile
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pacific Biosciences of California Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California Inc. and related companies with MarketBeat.com's FREE daily email newsletter.