Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $4.50 Average PT from Analysts

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has received an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $4.50.

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Canaccord Genuity Group reduced their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Jefferies Financial Group started coverage on Pacific Biosciences of California in a research report on Monday, June 3rd. They set a “buy” rating and a $4.00 target price on the stock. Morgan Stanley cut their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th.

Insider Activity

In related news, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the transaction, the insider now owns 869,730 shares in the company, valued at $1,382,870.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the transaction, the insider now owns 869,730 shares in the company, valued at approximately $1,382,870.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $1.66, for a total value of $63,098.26. Following the sale, the insider now directly owns 1,630,815 shares of the company’s stock, valued at $2,707,152.90. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its stake in shares of Pacific Biosciences of California by 100.3% in 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. acquired a new stake in Pacific Biosciences of California in the 1st quarter valued at approximately $98,000. Quantbot Technologies LP lifted its stake in Pacific Biosciences of California by 330.4% in the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock valued at $333,000 after acquiring an additional 68,195 shares in the last quarter. Norges Bank acquired a new position in Pacific Biosciences of California during the 4th quarter worth approximately $13,486,000. Finally, US Bancorp DE grew its stake in shares of Pacific Biosciences of California by 221.4% during the 4th quarter. US Bancorp DE now owns 60,700 shares of the biotechnology company’s stock worth $595,000 after acquiring an additional 41,816 shares in the last quarter.

Pacific Biosciences of California Trading Up 9.4 %

Shares of NASDAQ:PACB opened at $1.74 on Friday. Pacific Biosciences of California has a 52-week low of $1.16 and a 52-week high of $10.65. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01. The company has a market cap of $474.20 million, a P/E ratio of -1.53 and a beta of 2.03. The stock’s 50-day moving average is $1.66 and its 200-day moving average is $2.03.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. Pacific Biosciences of California had a negative return on equity of 40.98% and a negative net margin of 211.99%. The firm had revenue of $36.01 million for the quarter, compared to analyst estimates of $40.52 million. Equities research analysts predict that Pacific Biosciences of California will post -0.95 earnings per share for the current year.

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.