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Pacific Biosciences (PACB) Prices Offering of Common Stock
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Headquartered in Menlo Park, CA, Pacific Biosciences of California, Inc. (PACB - Free Report) recently announced that it has priced its underwritten public offering of 15.4 million shares of its common stock. The aforementioned stock was priced to the public for $3.10 per share. The offering is expected to close on Jun 20, 2017.
Stock Performance
Pacific Biosciences has had a dismal run on the bourse over the past three months. The company lost roughly 29.64% against the Zacks categorized Medical Instruments' sub industry’s gain of almost 7.94%. The current level compares unfavorably with the S&P 500’s return of 3.88% over the same time frame.
The estimate revision trend also seems unfavorable for the stock at this moment, with no estimate moving up in the last 60 days and five downward movements, indicating concerns for investors. Notably, the current-year estimates for the stock stands at a loss of 91 cents per share.
Coming back to the news, Pacific Biosciences also granted the underwriters a 30-day option to purchase an additional 2. 3 million shares of its common stock. Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.
Per management estimate the company expects to receive net proceeds of approximately $45.9 million, after deducting the underwriting discount and estimated offering expenses payable. Pacific Biosciences intends to use the net proceeds from the offering mainly for general corporate purposes, which includes capital expenditures and working capital. The company plans to use a portion of the net proceeds from the offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property. At the end of the first quarter of 2017, the company had Cash and investments worth $56.1 million, compared with $72.0 million at the end of the fourth quarter of 2016.
Pacific Biosciences of California develops, manufactures and markets sequencing systems, which help in studying synthesis, composition, structure and regulation of deoxyribonucleic acid, popularly known as DNA. Going forward, we believe Pacific Biosciences’ business will continue to witness growth. The company’s product and service revenues for 2017 are expected to grow between 40% and 60% over 2016.
Zacks Rank & Stocks to Consider
Pacific Biosciences has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical sector include Inogen Inc. (INGN - Free Report) , Luminex Corporation and IDEXX Laboratories, Inc. (IDXX - Free Report) . Notably, Inogen and Luminex Laboratories sport a Zacks Rank #1 (Strong Buy), while IDEXX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Inogen has a long-term expected earnings growth rate of 17.50%. The represents an impressive one-year return of 90.2%.
Luminex has a long-term expected earnings growth rate of 16.3%. The stock posted a positive earnings surprise of 237.5% in the last reported quarter.
IDEXX Laboratories has a long-term expected earnings growth rate of 19.37%. Additionally, the stock represents an impressive one-year return of 80.5%.
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Pacific Biosciences (PACB) Prices Offering of Common Stock
Headquartered in Menlo Park, CA, Pacific Biosciences of California, Inc. (PACB - Free Report) recently announced that it has priced its underwritten public offering of 15.4 million shares of its common stock. The aforementioned stock was priced to the public for $3.10 per share. The offering is expected to close on Jun 20, 2017.
Stock Performance
Pacific Biosciences has had a dismal run on the bourse over the past three months. The company lost roughly 29.64% against the Zacks categorized Medical Instruments' sub industry’s gain of almost 7.94%. The current level compares unfavorably with the S&P 500’s return of 3.88% over the same time frame.
The estimate revision trend also seems unfavorable for the stock at this moment, with no estimate moving up in the last 60 days and five downward movements, indicating concerns for investors. Notably, the current-year estimates for the stock stands at a loss of 91 cents per share.
Coming back to the news, Pacific Biosciences also granted the underwriters a 30-day option to purchase an additional 2. 3 million shares of its common stock. Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.
Per management estimate the company expects to receive net proceeds of approximately $45.9 million, after deducting the underwriting discount and estimated offering expenses payable. Pacific Biosciences intends to use the net proceeds from the offering mainly for general corporate purposes, which includes capital expenditures and working capital. The company plans to use a portion of the net proceeds from the offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property. At the end of the first quarter of 2017, the company had Cash and investments worth $56.1 million, compared with $72.0 million at the end of the fourth quarter of 2016.
Pacific Biosciences of California develops, manufactures and markets sequencing systems, which help in studying synthesis, composition, structure and regulation of deoxyribonucleic acid, popularly known as DNA.
Going forward, we believe Pacific Biosciences’ business will continue to witness growth. The company’s product and service revenues for 2017 are expected to grow between 40% and 60% over 2016.
Zacks Rank & Stocks to Consider
Pacific Biosciences has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical sector include Inogen Inc. (INGN - Free Report) , Luminex Corporation and IDEXX Laboratories, Inc. (IDXX - Free Report) . Notably, Inogen and Luminex Laboratories sport a Zacks Rank #1 (Strong Buy), while IDEXX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Inogen has a long-term expected earnings growth rate of 17.50%. The represents an impressive one-year return of 90.2%.
Luminex has a long-term expected earnings growth rate of 16.3%. The stock posted a positive earnings surprise of 237.5% in the last reported quarter.
IDEXX Laboratories has a long-term expected earnings growth rate of 19.37%. Additionally, the stock represents an impressive one-year return of 80.5%.
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>