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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has received a consensus recommendation of “Reduce” from the five research firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $1.8333.

Several research analysts have weighed in on PACB shares. Zacks Research downgraded shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Barclays increased their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Tuesday, April 21st.

Pacific Biosciences of California Trading Down 3.0%

Shares of PACB stock opened at $1.31 on Friday. Pacific Biosciences of California has a 12-month low of $1.09 and a 12-month high of $2.73. The firm’s 50 day moving average is $1.44 and its 200 day moving average is $1.73. The stock has a market capitalization of $406.89 million, a P/E ratio of -3.05 and a beta of 2.35.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. The company had revenue of $37.18 million for the quarter, compared to analysts’ expectations of $39.94 million. As a group, equities analysts predict that Pacific Biosciences of California will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 20.5% in the fourth quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock worth $69,684,000 after acquiring an additional 6,340,125 shares during the period. Vanguard Group Inc. raised its position in Pacific Biosciences of California by 2.3% in the third quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock worth $20,966,000 after acquiring an additional 362,797 shares during the period. Geode Capital Management LLC raised its position in Pacific Biosciences of California by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 7,078,744 shares of the biotechnology company’s stock worth $13,241,000 after acquiring an additional 172,089 shares during the period. Millennium Management LLC raised its position in Pacific Biosciences of California by 500.9% in the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock worth $6,293,000 after acquiring an additional 4,098,555 shares during the period. Finally, Casdin Capital LLC raised its position in Pacific Biosciences of California by 483.6% in the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock worth $7,898,000 after acquiring an additional 3,500,000 shares during the period.

About Pacific Biosciences of California

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.