The stock of Pacific Biosciences of California (NASDAQ: PACB) , a company developing DNA sequencing machines, is losing ground after an investor update. Preliminary fourth-quarter sales figures missed expectations, driving the stock 11.8% lower as of 12:54 p.m. ET on Tuesday.
Preliminary sales figures from the fourth quarter weren't bad, but they were slightly less than the market was expecting. The average investment bank analyst covering Pacific Biosciences of California (or PacBio) was expecting $36.6 million in revenue. PacBio stock is falling today because the company reported unaudited fourth-quarter revenue that reached just $36 million.
Image source: Getty Images.
For further details see:
Why Shares of Pacific Biosciences of California Are Under Pressure Today