Analysts Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Price Target at $1.83

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned a consensus rating of “Reduce” from the five research firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $1.8333.

Several research firms have recently weighed in on PACB. Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Barclays boosted their target price on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Wall Street Zen lowered Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th.

Pacific Biosciences of California Price Performance

Pacific Biosciences of California stock opened at $1.55 on Friday. Pacific Biosciences of California has a one year low of $1.07 and a one year high of $2.73. The business’s fifty day moving average is $1.42 and its 200 day moving average is $1.45. The stock has a market capitalization of $481.79 million, a PE ratio of -3.60 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $39.01 million during the quarter, compared to analysts’ expectations of $42.90 million. Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%. As a group, sell-side analysts expect that Pacific Biosciences of California will post -0.52 EPS for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Oene Mark Van sold 26,911 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $1.13, for a total transaction of $30,409.43. Following the completion of the sale, the insider directly owned 2,705,853 shares in the company, valued at $3,057,613.89. The trade was a 0.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently made changes to their positions in the business. Essential Partners LLC purchased a new stake in Pacific Biosciences of California during the first quarter valued at approximately $25,000. Zacks Investment Management bought a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at $25,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Pacific Biosciences of California by 891.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Pacific Biosciences of California in the 3rd quarter worth $29,000. Finally, Corient Private Wealth LP purchased a new position in Pacific Biosciences of California during the second quarter valued at $30,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.