What's Going On With Pacific Biosciences Stock?

Pacific Biosciences of California, Inc. PACB shares are trading lower Thursday, and the stock is down more than 20% over the past five days. Here’s a look at what’s going on.

What To Know:

On Monday, Pacific Biosciences announced preliminary unaudited revenue for the fourth quarter of $58.4 million and full year 2023 revenue of $200.5 million, representing year-over-year growth of 113% and 56%, respectively.

“2023 was a landmark year for PacBio. The launch of the Revio system for scalable, accurate, long read sequencing and Onso, a short read sequencer with groundbreaking accuracy enabled PacBio to reach more customers than ever before and, in the process, achieve record financial results,” said Christian Henry, CEO of PacBio.

Despite the preliminary revenue report, Pacific Biosciences shares have fallen more than 20% over the past five days and continue to fall Thursday on heavy trading volume. According to data from Benzinga Pro, more than 8.7 million shares have been traded in the session, compared to the stock’s 100-day average volume of 5.762 million shares.

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PACB Price Action: According to Benzinga Pro, Pacific Biosciences shares are down 10.3% at $7.13 at the time of publication.

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