Pacific Biosciences of California, Inc. | $PACB Stock | Shares Fall on Poor First Quarter Earnings Results

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Pacific Biosciences of California

Pacific Biosciences of California, Inc. (NASDAQ: PACB)

 

Pacific Biosciences of California, Inc. (PACB), a company that designs, develops, and manufactures sequencing systems to resolve genetically complex problems yesterday reported their first quarter 2017 financial results.

Pacific reported a loss of $23.9 million for the first quarter along with first quarter earnings having a loss of $0.26 per share which fell short of analyst expectations of a loss of $0.23 per share. Pacific reported first quarter revenues of $24.9 million.

 

Pacific Biosciences of California, Inc. CEO’s Comments

Comments are from fourth quarter results announced on February 2nd:

“We are pleased with our fourth quarter results and our continued progress in driving growth in our business. Highlights of our Q4 and full year 2016 financial results are as follows: We booked orders for 30 systems in the fourth quarter, up sequentially from the 20 systems we booked during the third quarter. Q4 bookings included a five system order we received from GrandOmics.”  

 

PACB Technical Analysis

Pacific Biosciences of California
Pacific Biosciences of California Chart

PACB opened trading yesterday at $5.01 which was down from the previous day’s trading close of $5.03. Shares closed trading yesterday at $5.18 and spiked down after market to $4.39, equivalent to a 15% decrease from the closing price. Taking a look at the daily chart we can see that the last time PACB traded below these levels we have to go back to the week of January 3rd when it traded at $4.36.

Taking a closer look at the daily chart we can see that before the spike down PACB had already been in an overall downward trend dating back to October 24th when it traded at $8.99. PACB has a float of 72.11 million shares and traded almost exactly the same as the normal daily trading volume on Wednesday.

For day trading purposes, I would like to see PACB open trading on Thursday below $4.65 and if it does I would be looking to take a short position at the bell. I would also look to take a short position if shares popped back up and failed at VWAP. My stop order would be $0.10 from my entry position fearing anything more than that and the stock would start to fill in the gap down.

 

Company Profile

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 biochemical sequencing reactions.

The company also provides consumable products, including SMRT cells, as well as various reagent kits, such as template preparation, binding, and sequencing kits. Its customers include research institutions; commercial laboratories; genome centers; clinical, government, and academic institutions; genomics service providers; pharmaceutical companies; and agricultural companies.

The company markets its products through a direct sales force in North America and Europe, as well as primarily through distributors in Asia, the Middle East, and Latin America. The company was formerly known as Nanofluidics, Inc. Pacific Biosciences of California, Inc. was founded in 2000 and is headquartered in Menlo Park, California. Yahoo Finance

 

 

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