Pacific Biosciences of California (PACB) Shares Tumble on Poor Fourth Quarter Numbers and FY16 Guidance


Shares of Pacific Biosciences of California (NASDAQ:PACB) are down big today after the company released their latest quarterly numbers, and their fiscal year 2016 guidance.

Revenue for the quarter came in at just $36.2 million, which fell well short of Wall Street’s forecast of $38 million. Regardless though, revenues came in 114.6% higher year-over-year. Full year results for Pacific Biosciences of California (NASDAQ:PACB) were not quite as disappointing either. Revenues came in at $93 million for the year.

As far as their forward looking guidance goes, Pacific Biosciences of California (NASDAQ:PACB) expects to see revenues of around $93 million for 2016, a number that should make investors happy. The stock is down 18.76% or $2.32 following the news, hitting $10.05 per share. Approximately 2.29M shares traded hands. PACB shares have risen 114.76% since June 30, 2015 and are currently uptrending. It has outperformed the S&P500 by 122.06%.

From a total of 2 analysts covering Pacific Biosciences of California (NASDAQ:PACB) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $18.0 while the lowest target price is $8. The mean of all analyst targets is $11.67 which is 16.12% above today’s ($10.05) stock price. Pacific Biosciences of California was the topic of 5 analyst reports since August 27, 2015 according to the firm StockzIntelligence Inc. Cantor Fitzgerald maintained shares on January 4 with a “Buy” rating. Maxim Group maintained PACB stock in a recent report from August 27 with a “Buy” rating.

The institutional sentiment decreased to 0.89 in Q2 2015. It’s down 0.66, from 1.55 in 2015Q2. The ratio turned negative, as 19 funds sold all their Pacific Biosciences of California shares they owned while 28 reduced their positions. 9 funds bought stakes while 33 increased their total positions. Institutions now own 40.46 million shares which is 4.59% less than the previous share count of 42.40 million in 2015Q2.

Consonance Capital Management Lp holds 3.22% of its total portfolio in Pacific Biosciences of California, equating to 6.26 million shares. Oracle Investment Management Inc owns 3.24 million shares representing 2.42% of their total US portfolio. Moreover, Raging Capital Management Llc has 0.75% of their total portfolio invested in the company, equating to 1.57 million shares. The New York-based Trellus Management Company Llc has a total of 0.56% of their portfolio invested in the stock. Maverick Capital Ltd, a Texas-based fund reported 7.46 million shares owned.

Since August 11, 2015, the stock had 0 buys, and 1 sale for a total of $77,010 in net activity. Phillips James Michael sold 16,689 shares worth $77,010.

Pacific Biosciences of California Inc. designs, develops and makes the PacBio RS II Sequencing System to help scientists resolve genetically complex problems. The company has a market cap of $908.68 million. Based on the Company’s Single Molecule, Real-Time technology, its products enable de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms and find genes; targeted sequencing to more comprehensively characterize genetic variations; and DNA (deoxyribonucleic acid) base modification identification to help characterize epigenetic regulation and DNA damage. It currently has negative earnings. SMRT enables single molecule, real-time detection of biological processes.