Shares of Pacific Biosciences of California (NASDAQ:PACB) hit a new 52-week high during trading on Thursday . The stock traded as high as $7.84 and last traded at $7.80, with a volume of 7283472 shares. The stock had previously closed at $7.72.

Several brokerages have recently commented on PACB. BidaskClub cut Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Zacks Investment Research cut Pacific Biosciences of California from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Piper Jaffray Companies restated a “hold” rating and set a $3.80 target price on shares of Pacific Biosciences of California in a report on Friday, August 3rd. Cantor Fitzgerald restated a “buy” rating and set a $8.00 target price on shares of Pacific Biosciences of California in a report on Sunday, October 21st. Finally, Cowen began coverage on Pacific Biosciences of California in a report on Friday, October 19th. They set an “outperform” rating and a $6.50 target price on the stock. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $5.64.

The company has a quick ratio of 3.28, a current ratio of 6.65 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.15 billion, a P/E ratio of -8.90 and a beta of 2.45.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, November 1st. The biotechnology company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.04). The business had revenue of $18.16 million for the quarter, compared to the consensus estimate of $22.39 million. Pacific Biosciences of California had a negative return on equity of 91.12% and a negative net margin of 110.10%. Pacific Biosciences of California’s revenue for the quarter was down 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.19) EPS. On average, equities analysts forecast that Pacific Biosciences of California will post -0.67 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in Pacific Biosciences of California by 48.8% in the third quarter. JPMorgan Chase & Co. now owns 36,801 shares of the biotechnology company’s stock valued at $199,000 after acquiring an additional 12,061 shares during the last quarter. Rhumbline Advisers boosted its holdings in Pacific Biosciences of California by 17.0% in the second quarter. Rhumbline Advisers now owns 116,960 shares of the biotechnology company’s stock valued at $415,000 after acquiring an additional 17,005 shares during the last quarter. Swiss National Bank boosted its holdings in Pacific Biosciences of California by 17.3% in the third quarter. Swiss National Bank now owns 224,246 shares of the biotechnology company’s stock valued at $1,213,000 after acquiring an additional 33,000 shares during the last quarter. Moloney Securities Asset Management LLC boosted its holdings in Pacific Biosciences of California by 9.2% in the third quarter. Moloney Securities Asset Management LLC now owns 467,961 shares of the biotechnology company’s stock valued at $2,532,000 after acquiring an additional 39,500 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Pacific Biosciences of California by 11.6% in the second quarter. Bank of New York Mellon Corp now owns 487,890 shares of the biotechnology company’s stock valued at $1,732,000 after acquiring an additional 50,699 shares during the last quarter. Institutional investors and hedge funds own 70.62% of the company’s stock.

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About Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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