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Pacific Biosciences of California, Inc. (PACB) - free report >>
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Pacific Biosciences of California, Inc. (PACB) - free report >>
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Pacific Biosciences (PACB) Stock Jumps 18.7%: Will It Continue to Soar?
Pacific Biosciences of California (PACB - Free Report) shares rallied 18.7% in the last trading session to close at $11.58. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3.5% gain over the past four weeks.
Pacific Biosciences recorded a strong price increase following its recent announcement of new workflows, developed along with Corteva Agriscience, that enable high throughput plant and microbial genome sequencing. Also, the latest Zacks Consensus Estimate shows significant upward revision for its quarterly revenues and earnings compared to the year-ago reported number. The company is expected to release its first-quarter 2023 earnings on May 3.
This maker of genetic analysis technology is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of +10.8%. Revenues are expected to be $35.19 million, up 6.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pacific Biosciences, the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PACB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Pacific Biosciences is part of the Zacks Medical - Instruments industry. Shockwave Medical (SWAV - Free Report) , another stock in the same industry, closed the last trading session 1.3% higher at $216.83. SWAV has returned 15.2% in the past month.
For Shockwave Medical, the consensus EPS estimate for the upcoming report has changed +0.7% over the past month to $0.78. This represents a change of +100% from what the company reported a year ago. Shockwave Medical currently has a Zacks Rank of #3 (Hold).