Pacific Biosciences of California (NASDAQ:PACB) shares gapped up before the market opened on Thursday . The stock had previously closed at $4.99, but opened at $4.87. Pacific Biosciences of California shares last traded at $5.16, with a volume of 170693 shares trading hands.

A number of research analysts recently commented on PACB shares. Zacks Investment Research raised shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $4.25 price objective on the stock in a research report on Tuesday, July 24th. BidaskClub downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 18th. ValuEngine raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and set a $3.80 price objective on shares of Pacific Biosciences of California in a research report on Friday, August 3rd. Finally, Cantor Fitzgerald assumed coverage on shares of Pacific Biosciences of California in a research report on Wednesday, August 8th. They issued an “overweight” rating and a $5.00 target price for the company. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Pacific Biosciences of California has an average rating of “Hold” and a consensus target price of $4.77.

The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.28 and a current ratio of 4.33. The stock has a market capitalization of $602.32 million, a P/E ratio of -5.79 and a beta of 2.26.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, August 2nd. The biotechnology company reported ($0.17) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.17). The company had revenue of $21.58 million during the quarter, compared to the consensus estimate of $24.45 million. Pacific Biosciences of California had a negative net margin of 100.09% and a negative return on equity of 95.29%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.26) earnings per share. equities analysts anticipate that Pacific Biosciences of California will post -0.67 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in Pacific Biosciences of California by 11.6% in the second quarter. Bank of New York Mellon Corp now owns 487,890 shares of the biotechnology company’s stock worth $1,732,000 after acquiring an additional 50,699 shares in the last quarter. Millennium Management LLC grew its position in Pacific Biosciences of California by 18.9% in the second quarter. Millennium Management LLC now owns 344,194 shares of the biotechnology company’s stock worth $1,222,000 after acquiring an additional 54,671 shares in the last quarter. Point72 Asset Management L.P. grew its position in Pacific Biosciences of California by 38.1% in the second quarter. Point72 Asset Management L.P. now owns 2,900,000 shares of the biotechnology company’s stock worth $10,295,000 after acquiring an additional 800,000 shares in the last quarter. BlackRock Inc. grew its position in Pacific Biosciences of California by 9.7% in the second quarter. BlackRock Inc. now owns 9,642,174 shares of the biotechnology company’s stock worth $34,230,000 after acquiring an additional 849,435 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Pacific Biosciences of California by 18.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 614,288 shares of the biotechnology company’s stock worth $2,181,000 after acquiring an additional 95,551 shares in the last quarter. 70.59% of the stock is owned by institutional investors.

Pacific Biosciences of California Company Profile (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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