According to Zacks, “Pacific Biosciences’ second quarterly numbers fell year over year. In addition to the headwind related to the limited availability of Single Molecule, Real-Time (SMRT) cells for the Sequel system and lower contractual revenues, higher non-cash operating expenses will hurt bottom-line growth. We believe persistent losses and cash burn are the primary headwinds in the near term. Meanwhile, estimates have been falling lately ahead of the company’s third-quarter earnings release. Nevertheless, we believe growing adoption of the Sequel system will boost the top line in 2016 and beyond. Moreover, lower product development cost for the Sequel system will expand gross margin. Additionally, development and distribution collaborations will drive market penetration over the long haul.”
Other research analysts have also issued research reports about the company. CL King assumed coverage on Pacific Biosciences of California in a report on Monday, June 27th. They set a buy rating and a $11.00 target price for the company. Cantor Fitzgerald reissued a buy rating and set a $18.00 price objective on shares of Pacific Biosciences of California in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $12.46.
Shares of Pacific Biosciences of California (NASDAQ:PACB) traded up 0.33% on Wednesday, reaching $9.03. 318,296 shares of the company were exchanged. The stock’s 50-day moving average is $8.72 and its 200 day moving average is $8.72. The firm’s market capitalization is $829.63 million. Pacific Biosciences of California has a 12-month low of $6.76 and a 12-month high of $14.00.
Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, August 4th. The company reported ($0.21) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.01. The business earned $20.70 million during the quarter, compared to analyst estimates of $20.19 million. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The company’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.16) EPS. On average, analysts forecast that Pacific Biosciences of California will post ($0.85) EPS for the current year.
In other Pacific Biosciences of California news, SVP James Michael Phillips sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $8.45, for a total value of $169,000.00. Following the completion of the sale, the senior vice president now owns 198,949 shares of the company’s stock, valued at $1,681,119.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.80% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of Pacific Biosciences of California by 18.3% in the second quarter. Principal Financial Group Inc. now owns 14,422 shares of the company’s stock valued at $101,000 after buying an additional 2,227 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of Pacific Biosciences of California during the second quarter worth approximately $104,000. Societe Generale acquired a new position in shares of Pacific Biosciences of California during the second quarter worth approximately $117,000. First Allied Advisory Services Inc. increased its position in shares of Pacific Biosciences of California by 4.3% in the second quarter. First Allied Advisory Services Inc. now owns 16,669 shares of the company’s stock worth $117,000 after buying an additional 680 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Pacific Biosciences of California during the second quarter worth approximately $122,000. Hedge funds and other institutional investors own 66.70% of the company’s stock.
Pacific Biosciences of California Company Profile
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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