Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 5.2%

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares fell 5.2% on Monday . The stock traded as low as $2.00 and last traded at $2.02. 3,968,078 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 9,880,600 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

Several brokerages recently weighed in on PACB. Barclays reduced their price target on shares of Pacific Biosciences of California from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, May 10th. Sanford C. Bernstein dropped their price objective on shares of Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating for the company in a research note on Thursday, April 18th. Piper Sandler dropped their price objective on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. The Goldman Sachs Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $2.50 in a research note on Thursday, April 18th. Finally, Morgan Stanley dropped their price objective on shares of Pacific Biosciences of California from $10.00 to $4.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Pacific Biosciences of California has an average rating of “Hold” and an average price target of $6.38.

Pacific Biosciences of California Price Performance

The stock has a market capitalization of $558.34 million, a PE ratio of -1.77 and a beta of 2.05. The company has a quick ratio of 8.36, a current ratio of 9.28 and a debt-to-equity ratio of 1.38. The stock’s 50 day moving average price is $1.70 and its 200-day moving average price is $3.35.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.26). Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. The company had revenue of $38.81 million during the quarter, compared to analyst estimates of $38.78 million. As a group, equities analysts forecast that Pacific Biosciences of California, Inc. will post -0.91 EPS for the current year.

Institutional Trading of Pacific Biosciences of California

Hedge funds have recently added to or reduced their stakes in the business. Simplicity Wealth LLC purchased a new stake in Pacific Biosciences of California in the second quarter worth about $29,000. Headlands Technologies LLC bought a new position in Pacific Biosciences of California in the first quarter worth about $32,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Pacific Biosciences of California in the first quarter worth about $38,000. SG Americas Securities LLC raised its holdings in Pacific Biosciences of California by 96.6% in the second quarter. SG Americas Securities LLC now owns 42,078 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 20,677 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Pacific Biosciences of California in the second quarter worth about $60,000.

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.