Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.46 Average Price Target from Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $2.46.

PACB has been the subject of a number of research reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, February 25th. The Goldman Sachs Group reduced their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. Stephens reiterated an “overweight” rating and set a $2.50 price target on shares of Pacific Biosciences of California in a research report on Friday, February 14th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $2.00 price objective (down from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th.

Insider Buying and Selling

In other news, insider Michele Farmer sold 24,349 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total transaction of $45,776.12. Following the sale, the insider now owns 187,592 shares in the company, valued at $352,672.96. The trade was a 11.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds have recently modified their holdings of PACB. PCA Investment Advisory Services Inc. increased its stake in shares of Pacific Biosciences of California by 50.0% in the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 5,000 shares during the last quarter. Centiva Capital LP bought a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at approximately $40,000. First Trust Advisors LP acquired a new stake in shares of Pacific Biosciences of California in the fourth quarter worth $42,000. Boothbay Fund Management LLC acquired a new position in Pacific Biosciences of California during the 4th quarter worth $43,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Pacific Biosciences of California during the 4th quarter worth about $44,000.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $1.38 on Tuesday. The firm has a market capitalization of $411.04 million, a P/E ratio of -0.84 and a beta of 2.04. Pacific Biosciences of California has a 52 week low of $1.08 and a 52 week high of $3.47. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The stock has a fifty day moving average price of $1.39 and a 200 day moving average price of $1.72.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The business had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. During the same period last year, the company posted ($0.27) EPS. Equities research analysts anticipate that Pacific Biosciences of California will post -0.72 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.