Wall Street analysts expect that Pacific Biosciences of California (NASDAQ:PACB) will post sales of $21.08 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Pacific Biosciences of California’s earnings, with the highest sales estimate coming in at $23.90 million and the lowest estimate coming in at $18.35 million. Pacific Biosciences of California posted sales of $24.94 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 15.5%. The company is expected to issue its next earnings report on Thursday, February 7th.

According to Zacks, analysts expect that Pacific Biosciences of California will report full-year sales of $80.18 million for the current fiscal year, with estimates ranging from $77.45 million to $83.00 million. For the next year, analysts anticipate that the business will post sales of $117.81 million, with estimates ranging from $107.07 million to $126.35 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Pacific Biosciences of California.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, November 1st. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.04). The firm had revenue of $18.16 million during the quarter, compared to the consensus estimate of $22.39 million. Pacific Biosciences of California had a negative net margin of 110.10% and a negative return on equity of 91.12%. The firm’s revenue for the quarter was down 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) earnings per share.

A number of brokerages have recently issued reports on PACB. Cantor Fitzgerald cut shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a report on Monday, November 12th. BidaskClub raised shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating in a report on Saturday, November 3rd. ValuEngine raised shares of Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a report on Friday, November 2nd. Finally, Cowen began coverage on shares of Pacific Biosciences of California in a report on Friday, October 19th. They issued an “outperform” rating and a $6.50 target price on the stock. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Pacific Biosciences of California has an average rating of “Buy” and a consensus price target of $5.64.

In other news, insider Kathy Ordonez sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $7.54, for a total value of $188,500.00. Following the sale, the insider now directly owns 68,750 shares of the company’s stock, valued at approximately $518,375. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 13.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PACB. Capital International Investors acquired a new position in Pacific Biosciences of California in the 3rd quarter valued at about $22,519,000. Bellevue Group AG acquired a new position in Pacific Biosciences of California in the 3rd quarter valued at about $13,931,000. Point72 Asset Management L.P. grew its stake in Pacific Biosciences of California by 78.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,175,000 shares of the biotechnology company’s stock valued at $27,997,000 after buying an additional 2,275,000 shares during the last quarter. ARK Investment Management LLC grew its stake in Pacific Biosciences of California by 47.5% in the 2nd quarter. ARK Investment Management LLC now owns 6,321,293 shares of the biotechnology company’s stock valued at $22,441,000 after buying an additional 2,036,596 shares during the last quarter. Finally, Foresite Capital Management III LLC acquired a new position in Pacific Biosciences of California in the 3rd quarter valued at about $6,140,000. Institutional investors and hedge funds own 73.04% of the company’s stock.

Shares of PACB stock opened at $7.53 on Friday. The company has a current ratio of 6.65, a quick ratio of 5.74 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.14 billion, a PE ratio of -8.66 and a beta of 2.63. Pacific Biosciences of California has a 52-week low of $2.02 and a 52-week high of $7.84.

About Pacific Biosciences of California

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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