Biotech Movers: Pacific Biosciences Falls After Net Loss Spikes

Shares of Pacific Biosciences of California (PACB)   were down nearly 17% to $4.30 in premarket trading on Thursday. The Menlo Park, Calif.-based firm on Wednesday reported a first-quarter net loss of $23.9 million, versus $19.4 million in the same period last year. Product and service revenue rose 60% to $24.9 million.

Shares of Alexion Pharmaceuticals (ALXN) were up 3.2% to $124.60. The New Haven, Conn.-based firm on Thursday reported first-quarter non-GAAP diluted earnings per share of $1.38, compared to $0.99 in the year-ago period. Revenue was $870 million, up 24% year-over-year.

The company said revenue for the first quarter included a benefit of $29 million from a change in revenue recognition in 2017 for certain non-U.S. markets. Not counting the benefit of this accounting change, revenue was  $841 million, representing a  20% rise from the year-ago period.

For full-year 2017, Alexion raised its GAAP EPS guidance to $2.80 to $3.20 from the previous range of $2.55 to $3.05, and non-GAAP EPS guidance to $5.10 to $5.30 from the prior range of $5.00 to $5.25. The company reaffirmed its revenue guidance of $3.4 billion to $3.5 billion.

Other biotech stock movers include Arena Pharmaceuticals (ARNA) , up 4.3% to $1.45.

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