Pacific Biosciences of California, Inc. PACB shares are experiencing a downturn this Thursday, with a drop of more than 20% over the last five days. Let’s delve into the recent developments.
Understanding the Situation:
Earlier this week, Pacific Biosciences revealed its preliminary unaudited revenue for the fourth quarter, amounting to $58.4 million, and full-year 2023 revenue of $200.5 million. These figures reflect a substantial year-over-year growth of 113% and 56%, respectively.
Commenting on the financials, PacBio’s CEO, Christian Henry, credited the milestone success in 2023 to the launch of the Revio system for scalable, accurate, long-read sequencing, alongside Onso, a short-read sequencer with revolutionary accuracy. These innovations facilitated PacBio to engage with a larger customer base than ever and achieve record-breaking financial outcomes.
Despite the promising preliminary revenue report, Pacific Biosciences shares have tumbled by over 20% within the past five days, extending the decline during Thursday’s trading, accompanied by elevated trading volume. Data from Benzinga Pro indicates that the trading volume in the current session has surged to over 8.7 million shares, surpassing the stock’s 100-day average volume of 5.762 million shares.
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PACB Price Action: As stated by Benzinga Pro, Pacific Biosciences shares are down 10.3% at $7.13 at the time of publication.
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