Pacific Biosciences of California, Inc. (PACB) Next Support Is Here

Pacific Biosciences of California, Inc. (NASDAQ:PACB) reached $1.11B by 06-December-18 in the wake of 0.26% advance. The shares gained some momentum after bears carried it down to $7.53. The final price for the day of 7.7 was still down from $7.7. The stock remained range bound between $7.53 and $7.7. Trading activity significantly improved as the volume at ready counter increased to 5,398,560 shares versus 3,418,310 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 1,769,019 shares. The stock is now 281.19% above against its bear-market low of $2.02 on April 02, 2018. It has retreated -1.82% since it’s 52-week high of $7.84 reached in November. Now the market price is up 167.36% on the year and up 191.67% YTD.

PACB’s 50 day simple moving average (SMA 50) price is $5.92 and its 200-day simple moving average (SMA 200) price is $3.96. The company’s stock currently has a total float of 141.32M shares. Its weekly volatility is hovering around 1.94% and felt 1.51% volatility in price over a month. On the upside, the share price will test short term resistance at around $7.76. On a downside, the stock is likely to find some support, which begins at $7.59. The failure to get near-term support could push it to $7.47.

Separately, it has been reported that multiple insider activity took place at Pacific Biosciences of California, Inc. (PACB). Chief Commercial Officer Ordonez Kathy sold 25,000 shares for $43,750 in transaction occurred on 2018/11/27. After making this transaction, the Chief Commercial Officer owns a direct stake of 188,500 shares, worth $336,875, as per the last closing price. On 2016/10/28 Phillips James Michael, SVP, Research & Development at PACB, dumped 20,000 shares at an average price of $8.44 per share. The selling total is valued at $1,397,157.

SVP, Research & Development, Phillips James Michael had divested 20,000 shares for $181,449 through a trade on 2016/07/29. Following this activity, the insider holds 169,000 shares worth $1,397,157 as of recent close. Wall Street’s most bullish Pacific Biosciences of California, Inc. (NASDAQ:PACB) analysts are predicting the share price to blow past $8 per share during the next 12 months. The current median share price forecast by them is $8, suggesting that the stock could increase 3.9% in that time frame. The average price target of $7.63 calls for a nearly -0.91% increase in the stock price.

It had seen a new analyst call from Cowen, which initiated the stock at Outperform on October 19. Analysts at First Analysis Sec, shed their positive views on November 03 by lowering it fromOverweight to Equal-Weight. The stock lost favor of CL King analysts who expressed their lack of confidence in it using a downgrade from Buy to Neutral on September 28. Cantor Fitzgerald, reiterated their call for Buy, on November 03. On the other hand, they had set new target price to $15 versus $18.

Also, it is trading at rather expensive levels at just over 7.86x price/book and 13.27x price/sales. PACB’s ROE is -91.1%, which is also considerably worse than the industry’s ROE of 9.79%. It’s also very liquid in the near term, with a current ratio of 6.6. The stock has a debt/capital of 0.

Shares of Pacific Biosciences of California, Inc. (PACB) have gained 70.3% since the company’s last earnings report. Over the past 12 fiscal quarters, Pacific Biosciences of California, Inc. (NASDAQ:PACB) has topped consensus earnings estimates in 6 quarters (50%), missed earnings in 4 quarters (33%), whereas at 2 occasion EPS met analyst expectations. PACB last reported earnings on November 01, 2018 when it released Sep-18 results that receded expectations. The company raked in -$0.19 per share, -99.22% change on the same period last year. That was worse than consensus for -$0.15. Revenue for the recent quarter stood at $18.16 million, down -23% on last year and below the $22.17 million predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $18.35 million to $23.9 million, which should be compared with $31.7 million generated last year. EPS is seen in a range of -$0.15 to -$0.12, against the -$0.16 reported a year ago.