Pacific Biosciences Shares Down After Third-Quarter Results -- Biotech Movers

 | Nov 03, 2017 | 9:24 AM EDT
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Shares of Pacific Biosciences of California Inc. (PACB) were down 16% to $3.38 in premarket trading on Friday, Nov. 3, on the heels of the release of the company's third-quarter results after the market close on Thursday.

The Menlo Park, Calif.-based company had a net loss of $22 million, compared with $17.5 million in the year-ago period.

Product, service and other revenue rose 9% year-over-year to $23.5 million. Total revenue was $23.5 million, compared with $25.1 million in the same period in 2016. The figure a year ago included $3.6 million of contractual revenue.

Meanwhile, shares of Spectrum Pharmaceuticals Inc. (SPPI) were up 7.4% to $20.65 after the Henderson, Nev.-based firm on Thursday unveiled third-quarter results.

Spectrum had a non-GAAP net loss of $9.2 million, or $0.11 per basic and diluted share, compared with a net loss of $5.3 million, or $0.07 per basic share and diluted share, in the same period last year. Total revenue was $36.4 million, compared with $33.39 million in the year-ago period.

Other biotech stock movers include Editas Medicine Inc. (EDIT) , up 4.5% to $25. The Cambridge, Mass.-based genome editing company is scheduled to release its third-quarter results on Nov. 7.

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