Pacific Biosciences of California (NASDAQ:PACB) has been assigned an average rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $4.90.

PACB has been the topic of several research reports. ValuEngine raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. BidaskClub raised shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating in a research report on Wednesday, June 13th. Zacks Investment Research raised shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $4.25 price target on the stock in a research report on Tuesday, July 24th. Piper Jaffray Companies reissued a “hold” rating and set a $3.80 price target on shares of Pacific Biosciences of California in a research report on Friday, August 3rd. Finally, Cantor Fitzgerald initiated coverage on shares of Pacific Biosciences of California in a research report on Wednesday, August 8th. They set an “overweight” rating and a $5.00 price target on the stock.

Several institutional investors and hedge funds have recently modified their holdings of PACB. Point72 Asset Management L.P. acquired a new stake in shares of Pacific Biosciences of California during the first quarter worth about $4,305,000. ARK Investment Management LLC increased its stake in shares of Pacific Biosciences of California by 47.5% during the second quarter. ARK Investment Management LLC now owns 6,321,293 shares of the biotechnology company’s stock worth $22,441,000 after buying an additional 2,036,596 shares during the period. Blackstone Group L.P. increased its stake in shares of Pacific Biosciences of California by 71.0% during the first quarter. Blackstone Group L.P. now owns 4,123,571 shares of the biotechnology company’s stock worth $8,454,000 after buying an additional 1,712,015 shares during the period. BlackRock Inc. increased its stake in shares of Pacific Biosciences of California by 9.7% during the second quarter. BlackRock Inc. now owns 9,642,174 shares of the biotechnology company’s stock worth $34,230,000 after buying an additional 849,435 shares during the period. Finally, Citadel Advisors LLC increased its stake in shares of Pacific Biosciences of California by 409.3% during the first quarter. Citadel Advisors LLC now owns 471,447 shares of the biotechnology company’s stock worth $967,000 after buying an additional 378,875 shares during the period. 70.59% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ PACB traded up $0.40 during trading hours on Friday, reaching $5.55. The company had a trading volume of 2,834,700 shares, compared to its average volume of 1,014,585. Pacific Biosciences of California has a 1-year low of $2.02 and a 1-year high of $5.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.33 and a quick ratio of 3.28. The stock has a market capitalization of $653.11 million, a P/E ratio of -6.38 and a beta of 2.26.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.17) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.17). The business had revenue of $21.58 million for the quarter, compared to analysts’ expectations of $24.45 million. Pacific Biosciences of California had a negative net margin of 100.09% and a negative return on equity of 95.29%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.26) earnings per share. analysts anticipate that Pacific Biosciences of California will post -0.67 EPS for the current year.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc engages in the research, development, and manufacture of sequencing systems for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific (including the Middle East). The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.

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