Short Interest in Pacific Biosciences of California (NASDAQ:PACB) Grows By 7.1%

Pacific Biosciences of California (NASDAQ:PACB) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 20,070,000 shares, a growth of 7.1% from the September 30th total of 18,740,000 shares. Based on an average daily trading volume, of 1,610,000 shares, the short-interest ratio is presently 12.5 days. Currently, 14.5% of the shares of the stock are short sold.

Shares of PACB traded down $0.03 during midday trading on Monday, hitting $4.64. 572,100 shares of the company traded hands, compared to its average volume of 1,634,311. The firm has a 50 day moving average of $4.97 and a 200-day moving average of $5.82. Pacific Biosciences of California has a 52 week low of $4.37 and a 52 week high of $7.84. The stock has a market cap of $721.99 million, a price-to-earnings ratio of -6.11 and a beta of 1.68. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.22 and a current ratio of 1.52.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.04). Pacific Biosciences of California had a negative net margin of 139.22% and a negative return on equity of 136.85%. The company had revenue of $21.92 million for the quarter, compared to the consensus estimate of $28.02 million. Sell-side analysts predict that Pacific Biosciences of California will post -0.71 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new position in shares of Pacific Biosciences of California during the 2nd quarter valued at about $28,000. Point72 Hong Kong Ltd bought a new position in shares of Pacific Biosciences of California during the 2nd quarter valued at about $37,000. Quest Capital Management Inc. ADV purchased a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at about $39,000. FNY Investment Advisers LLC raised its position in shares of Pacific Biosciences of California by 211.1% during the 2nd quarter. FNY Investment Advisers LLC now owns 11,200 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 7,600 shares in the last quarter. Finally, Clean Yield Group raised its position in shares of Pacific Biosciences of California by 160.0% during the 3rd quarter. Clean Yield Group now owns 13,000 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 8,000 shares in the last quarter. 70.56% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently weighed in on PACB. Piper Jaffray Companies raised shares of Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Tuesday, October 15th. ValuEngine raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, BidaskClub downgraded shares of Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.00.

About Pacific Biosciences of California

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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