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

Pacific Biosciences of California (NASDAQ:PACB) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate 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%. During the same period in the previous year, the business earned ($0.27) earnings per share.

Pacific Biosciences of California Trading Up 8.8 %

Pacific Biosciences of California stock traded up $0.12 during trading hours on Thursday, reaching $1.48. 20,470,913 shares of the company’s stock traded hands, compared to its average volume of 11,311,415. The firm has a market capitalization of $405.31 million, a price-to-earnings ratio of -1.01 and a beta of 1.92. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $6.83. The firm’s 50 day moving average is $1.82 and its 200-day moving average is $1.80.

Analyst Upgrades and Downgrades

PACB has been the subject of a number of research reports. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. The Goldman Sachs Group cut their price target on 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. Scotiabank decreased their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. Finally, Piper Sandler upped their target price 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.89.

Insider Transactions at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the business’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 completion of the transaction, the insider now directly owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is owned by corporate insiders.

About Pacific Biosciences of California

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.