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

Pacific Biosciences of California (NASDAQ:PACB) announced its quarterly earnings data on Thursday. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20), Zacks reports. Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%.

Pacific Biosciences of California Trading Up 8.8 %

Shares of NASDAQ:PACB traded up $0.12 during midday trading on Thursday, reaching $1.48. The company’s stock had a trading volume of 20,400,511 shares, compared to its average volume of 11,226,525. The firm has a market cap of $405.31 million, a price-to-earnings ratio of -1.01 and a beta of 1.92. The business has a 50 day moving average price of $1.82 and a 200 day moving average price of $1.80. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $6.83. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the sale, the insider now directly owns 1,597,454 shares in the company, valued at $3,242,831.62. This represents a 2.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PACB. Scotiabank lowered their price target on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 11th. The Goldman Sachs Group dropped their target price on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating for the company in a report on Thursday, January 23rd. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research note on Monday, November 11th. Piper Sandler raised their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Hold” and an average price target of $2.89.

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.