Pacific Biosciences of California (NASDAQ:PACB) Releases Quarterly Earnings Results, Meets Expectations

Pacific Biosciences of California (NASDAQ:PACB) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20), Zacks reports. The business had revenue of $39.22 million for the quarter, compared to analysts’ expectations of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. During the same period in the prior year, the firm earned ($0.27) EPS.

Pacific Biosciences of California Stock Up 25.0 %

Shares of NASDAQ PACB traded up $0.37 during mid-day trading on Friday, reaching $1.85. 45,822,557 shares of the company were exchanged, compared to its average volume of 10,437,161. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $6.83. The firm has a 50-day moving average of $1.80 and a 200 day moving average of $1.79. The stock has a market cap of $506.64 million, a price-to-earnings ratio of -1.27 and a beta of 1.92. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PACB shares. Stephens reaffirmed an “overweight” rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a report on Friday. Scotiabank cut their target price on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 11th. The Goldman Sachs Group cut their target price on Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Piper Sandler boosted their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California currently has an average rating of “Hold” and an average price target of $2.85.

Insider Activity at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by corporate insiders.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.