IMHO, any speculator who plays biotech on the basis of "earnings" is on a fool's errand. That being said, PACB has recovered nicely after a disappointing product launch and is leading the way with its 3rd gen sequencing technology.
Personally, I find this an interesting technical play (GREAT chart pattern) and more than a hope-and-a-prayer takeover play (Roche). As Roche's Franz Humer stated: "There are several alternatives to get hold of gene-sequencing technology. I'm not worried about that," he said, without giving more details.
With a market cap of ~$150M and average trading volume under 500,000 (and FAR less during this recent consolidation phase), PACB is flying way under the radar of the vast majority of investors (and speculators). It won't take much to move the share price.
Combine all of that with significant insider buying and PACB appears to me to have a very attractive risk - to - reward profile.