Pacific Biosc Stock Price, News & Analysis

Pacific Biosciences (NASDAQ:PACB) launched the Sequel IIe System, enhancing its SMRT Sequencing technology for faster, cost-effective genome and transcriptome data generation. The system features advanced on-instrument processing allowing direct production of highly accurate long reads (HiFi reads), reducing secondary analysis time by up to 70% and data storage needs by 90%. This innovation aims to simplify high-accuracy sequencing, making it accessible for various projects and supporting significant advancements in human genetics.

Pacific Biosciences (NASDAQ: PACB) announced the appointment of Susan G. Kim as Chief Financial Officer, effective September 28, 2020. Her extensive experience includes CFO roles at App Annie and Katerra, where she focused on revenue growth and operational scaling. CEO Christian Henry expressed confidence in Kim's ability to enhance company performance. With over 20 years in finance, her background spans significant global firms. The company continues to lead in high-quality genomic sequencing technologies, underlining its commitment to innovation in life sciences.

Pacific Biosciences of California (Nasdaq: PACB) has announced a priced public offering of 19,430,000 shares at $4.47 per share, expected to close on August 14, 2020. The company anticipates receiving gross proceeds of approximately $86.9 million, not including overallotment. Proceeds will be used for product launches, R&D, commercial expansion, and potential investments in complementary businesses. The offering is led by Morgan Stanley and Cowen, with a 30-day option for underwriters to purchase an additional 2,914,500 shares.

Pacific Biosciences (PACB) announced a public offering of $75 million in common stock, with an option for underwriters to purchase an additional $11.25 million. The proceeds will be used for new product launches, research and development, and expanding commercial infrastructure. The offering is subject to market conditions and may not be completed as anticipated. The company has filed a registration statement with the SEC, effective July 14, 2020, and a preliminary prospectus will be available for investors.

Pacific Biosciences (NASDAQ: PACB) announced the appointment of Christian O. Henry as CEO, effective September 14, 2020. Henry has served on the Board since 2018 and brings valuable experience to lead the company into a new growth phase. Dr. John F. Milligan will take over as Chairman of the Board. Dr. Michael Hunkapiller will retire from an active role but continue as a Senior Fellow and board member. Ben Gong has been named interim CFO. The leadership change aims to enhance innovation and market presence in genomic sequencing.

Pacific Biosciences (PACB) reported Q2 2020 revenues of $17.1 million, down from $24.6 million in Q2 2019. Instrument revenue fell to $8.9 million from $12.7 million, while consumables dropped to $4.8 million from $8.6 million. The company recorded a net loss of $23.1 million compared to a $24.6 million loss last year. Cash and investments increased to $120.0 million, up from $49.1 million at year-end 2019. The ongoing COVID-19 pandemic impacted operations, leading to lower product revenues.

Pacific Biosciences (NASDAQ: PACB) is set to hold its quarterly conference call on August 3, 2020, at 4:30 PM ET to discuss the Second Quarter 2020 Financial Results. Investors and interested parties can access the call via live webcast on the company’s website. The conference will provide insights into the company's financial performance during the quarter, along with discussions on future outlook and strategic initiatives. Call-in options are also available for those wishing to participate directly.

Pacific Biosciences (NASDAQ: PACB) announces the retirement of CEO Dr. Michael Hunkapiller and CFO Susan K. Barnes. Dr. Hunkapiller will remain on the Board of Directors post-retirement, while Ms. Barnes will exit in August 2020. The Board is actively searching for successors for both roles. Under Dr. Hunkapiller's leadership, the company has advanced its SMRT® technology significantly, becoming a leader in long-read sequencing used in top research centers globally. The transition aims to ensure the company's ongoing innovation and commercial success.

Pacific Biosciences (NASDAQ: PACB) has rescheduled its 2020 Annual Meeting of Stockholders from June 18 to August 4, 2020, switching to a virtual format due to COVID-19. The record date for stockholders eligible to vote has been updated to June 15, 2020. Additionally, the company plans to revise its proposal for the 2020 Equity Incentive Plan, allowing stockholders more time to review it. Other proposals previously outlined in the proxy statement will remain unchanged. Stockholders must register online to attend the virtual meeting.