Pacific Biosciences of California Inc. (PACB) Rating Increased to Hold at Zacks Investment Research
Pacific Biosciences of California Inc. (NASDAQ:PACB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “In the past six months, Pacific Biosciences’ share price persistently underperformed the broader industry trend. However, in the last 30 days, earnings estimates have been moved downwards reflecting sluggish third quarter performance. We note that, Pacific Biosciences exhibited a promising third quarter of 2016, registering narrower loss on a year-over-year basis and squarely beating the Zacks Consensus Estimate. However, the guidance cut for the full year fails to impress. Solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. On the flipside, persistent losses and cash burn are the primary headwinds. Moreover, the headwind related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system, flat contractual revenues in the last reported quarter and higher non-cash operating expenses will hurt the”
Several other equities analysts have also recently commented on the company. Cantor Fitzgerald set a $18.00 target price on Pacific Biosciences of California and gave the company a “buy” rating in a research note on Monday, October 24th. JPMorgan Chase & Co. reissued a “hold” rating and set a $12.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, November 3rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $12.12.
Shares of Pacific Biosciences of California (NASDAQ:PACB) opened at 7.61 on Tuesday. The firm’s 50 day moving average is $8.15 and its 200 day moving average is $8.49. Pacific Biosciences of California has a 12 month low of $6.61 and a 12 month high of $14.00. The stock’s market capitalization is $705.04 million.
Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, November 2nd. The company reported ($0.19) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The company earned $25.10 million during the quarter, compared to analysts’ expectations of $24.68 million. Pacific Biosciences of California had a negative return on equity of 61.51% and a negative net margin of 56.04%. The business’s revenue was up 80.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 EPS. On average, equities analysts predict that Pacific Biosciences of California will post ($0.85) earnings per share for the current fiscal year.
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In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the stock in a transaction on Friday, October 28th. The stock was sold at an average price of $8.44, for a total value of $168,800.00. Following the sale, the senior vice president now directly owns 201,449 shares of the company’s stock, valued at $1,700,229.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 19.80% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock valued at $101,000 after buying an additional 2,227 shares in the last quarter. LPL Financial LLC bought a new stake in shares of Pacific Biosciences of California during the third quarter valued at $101,000. Stevens Capital Management LP bought a new stake in shares of Pacific Biosciences of California during the second quarter valued at $104,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Pacific Biosciences of California during the third quarter valued at $106,000. Finally, Societe Generale bought a new stake in shares of Pacific Biosciences of California during the second quarter valued at $117,000. 70.20% of the stock is currently owned by hedge funds and other 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.
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