Pacific Biosciences of California, Inc. (PACB) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) from a hold rating to a sell rating in a report released on Tuesday morning.
According to Zacks, “Pacific Biosciences posted an unimpressive first quarter of fiscal 2017, registering wider-than-expected loss. In the past six months, shares of the company underperformed the broader industry in terms of price. On the brighter side, 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. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system and higher non-cash operating expenses are expected to mar prospects over the long haul. Meanwhile, the company witnessed significant strength in China. Notably, it has placed numerous system orders in the region with both new and existing customers.”
PACB has been the subject of several other research reports. Cantor Fitzgerald set a $8.00 price target on shares of Pacific Biosciences of California and gave the company a buy rating in a research report on Thursday, April 27th. ValuEngine downgraded shares of Pacific Biosciences of California from a sell rating to a strong sell rating in a report on Tuesday, June 13th.
Shares of Pacific Biosciences of California (NASDAQ PACB) traded up 1.96% on Tuesday, hitting $3.65. 686,837 shares of the stock were exchanged. The stock’s 50-day moving average is $3.68 and its 200-day moving average is $4.61. The stock’s market cap is $341.46 million. Pacific Biosciences of California has a 1-year low of $3.11 and a 1-year high of $9.50.
Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Wednesday, April 26th. The biotechnology company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.03. The company had revenue of $24.90 million for the quarter, compared to the consensus estimate of $23.80 million. Pacific Biosciences of California had a negative net margin of 81.75% and a negative return on equity of 87.51%. Pacific Biosciences of California’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. Analysts forecast that Pacific Biosciences of California will post ($0.92) earnings per share for the current year.
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Large investors have recently added to or reduced their stakes in the stock. Athena Capital Advisors LLC acquired a new stake in Pacific Biosciences of California during the first quarter valued at approximately $114,000. Biondo Investment Advisors LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter worth about $137,000. Trellus Management Company LLC increased its stake in shares of Pacific Biosciences of California by 1.9% in the first quarter. Trellus Management Company LLC now owns 314,200 shares of the biotechnology company’s stock worth $1,624,000 after buying an additional 6,000 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Pacific Biosciences of California by 65.6% in the first quarter. Wells Fargo & Company MN now owns 220,446 shares of the biotechnology company’s stock worth $1,140,000 after buying an additional 87,308 shares during the last quarter. Finally, Essex Investment Management Co. LLC increased its stake in shares of Pacific Biosciences of California by 101.5% in the first quarter. Essex Investment Management Co. LLC now owns 150,518 shares of the biotechnology company’s stock worth $778,000 after buying an additional 75,837 shares during the last quarter. 57.12% of the stock is currently owned by institutional investors and hedge funds.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.
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