Stephens Increases Pacific Biosciences of California (NASDAQ:PACB) Price Target to $2.00

Pacific Biosciences of California (NASDAQ:PACB) had its target price hoisted by analysts at Stephens from $1.80 to $2.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Stephens’ price objective indicates a potential upside of 11.48% from the company’s previous close.

A number of other brokerages have also recently commented on PACB. Piper Sandler raised their price objective on Pacific Biosciences of California from $1.25 to $1.50 and gave the company a “neutral” rating in a research note on Monday, August 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1.93.

Pacific Biosciences of California Trading Up 1.9%

PACB opened at $1.79 on Monday. The stock has a market cap of $538.87 million, a PE ratio of -0.78 and a beta of 2.30. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51. The company has a fifty day moving average of $1.55 and a 200-day moving average of $1.36. Pacific Biosciences of California has a twelve month low of $0.85 and a twelve month high of $2.66.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The business had revenue of $3.34 million for the quarter. On average, sell-side analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Jump Financial LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter valued at about $25,000. Cim Investment Management Inc. raised its stake in Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 12,822 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Pacific Biosciences of California by 47.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock worth $37,000 after buying an additional 9,739 shares in the last quarter. SteelPeak Wealth LLC raised its position in shares of Pacific Biosciences of California by 95.6% during the 3rd quarter. SteelPeak Wealth LLC now owns 29,930 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 14,626 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Pacific Biosciences of California in the 1st quarter worth approximately $43,000.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.