Pacific Biosciences of California (NASDAQ:PACB) Stock Rating Reaffirmed by Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $3.50 price target on the biotechnology company’s stock.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut Pacific Biosciences of California from an overweight rating to a neutral rating in a research report on Monday, April 22nd. Sanford C. Bernstein cut their price objective on Pacific Biosciences of California from $9.00 to $2.50 and set an outperform rating on the stock in a research report on Thursday, April 18th. Canaccord Genuity Group cut their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a buy rating on the stock in a research report on Thursday. TD Cowen cut their price objective on Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating on the stock in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group initiated coverage on Pacific Biosciences of California in a research report on Monday, June 3rd. They issued a buy rating and a $4.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $4.75.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB traded down $0.08 during mid-day trading on Thursday, hitting $1.59. 4,188,267 shares of the company traded hands, compared to its average volume of 11,658,158. The company has a quick ratio of 8.36, a current ratio of 9.28 and a debt-to-equity ratio of 1.38. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $12.23. The stock has a 50-day moving average price of $1.68 and a two-hundred day moving average price of $3.03.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.26). The company had revenue of $38.81 million for the quarter, compared to analysts’ expectations of $38.78 million. Pacific Biosciences of California had a negative return on equity of 40.26% and a negative net margin of 148.13%. On average, equities research analysts expect that Pacific Biosciences of California will post -0.91 EPS for the current year.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in shares of Pacific Biosciences of California by 67.8% during the 4th quarter. Victory Capital Management Inc. now owns 1,094,724 shares of the biotechnology company’s stock valued at $10,739,000 after purchasing an additional 442,250 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Pacific Biosciences of California by 100.3% during the 1st quarter. BNP Paribas Financial Markets now owns 1,167,708 shares of the biotechnology company’s stock valued at $4,379,000 after purchasing an additional 584,734 shares during the period. First Trust Direct Indexing L.P. bought a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at $98,000. Jackson Square Partners LLC raised its stake in shares of Pacific Biosciences of California by 40.0% during the 4th quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company’s stock valued at $95,204,000 after purchasing an additional 2,770,901 shares during the period. Finally, Quantbot Technologies LP raised its stake in shares of Pacific Biosciences of California by 330.4% during the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock valued at $333,000 after purchasing an additional 68,195 shares during the period.

Pacific Biosciences of California Company Profile

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.