Pacific Biosciences of California’s (PACB - Free Report) Single Molecule, Real-Time (SMRT) Sequencing, also known as PacBio SMRT was recently picked by Vertebrate Genomes Project (“VGP”). Notably, it will be used to generate some of the most complete genomes to date for thousands of plant, animal, fungal and bacterial species.
The latest development is likely to strengthen the company’s position in the genomic sequencing space.
Notably, shares of the Zacks Rank #3 (Hold) company climbed 5.3% to $5.12 at close, following the announcement. In fact, in the past six months, the stock has skyrocketed 94.6% against the industry’s 15.8% decline. The current level is also higher than the S&P 500’s 5% rally.
For investors’ notice, VGP is a project of the Genome 10K which aims to generate near error-free reference genome assemblies of all 66,000 vertebrate species. More than 150 scientists from 50 academic, industry and government institutions in 12 countries are part of VGP.
PacBio Sequel in Focus
Pacific Biosciences’ flagship platform — the Sequel system — has been fortifying the company’s footprint worldwide. Sequel system is a nucleic acid sequencing platform based on SMRT technology.
Lately, the coveted platform has been picked by Bird 10,000 Genomes (B10K) Project, Bat1K Initiative, Sanger 25 Project, NCTC 3000 Initiative, Whole Genome Assembly of the Maize NAM Founders, Functional Annotation of Animal Genomes Project (FAANG) and others.
Earlier this year, Pacific Biosciences showcased new multiplexing sequencing tools. (Read More: Pacific Biosciences to Gain From New Genome Sequencing Tools)
In the last reported quarter, Sequel consumable revenues accounted for 80% of the company’s total consumable revenues. In fact, management expects the overall consumable growth to reflect more of the Sequel trend in the near term.
A MarketsandMarkets research shows that the global genomics market will grow to $23.88 billion by 2022. Rising demand for personalized medicine and rise in research activities in the field of genomics are factors that drive the market.
Want More From the Industry?
A few better-ranked stocks in the Medical Instruments space are Intuitive Surgical (ISRG - Free Report) , RTI Surgical (RTIX - Free Report) and Masimo Corporation (MASI - Free Report) .
Intuitive Surgical’s expected long-term earnings growth rate is 14.7%. The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Masimo’s long-term earnings growth rate is projected at 14.8%. The stock currently carries a Zacks Rank #2 (Buy).
RTI Surgical’s earnings growth rate for the current quarter is an impressive 100%. The stock carries a Zacks Rank #2.
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