Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $19.00 by Analysts at Cantor Fitzgerald

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) had its price target reduced by stock analysts at Cantor Fitzgerald from $23.00 to $19.00 in a research report issued to clients and investors on Thursday, The Fly reports. Cantor Fitzgerald’s price target would suggest a potential upside of 160.63% from the stock’s current price.

Several other research firms have also recently commented on PACB. Piper Sandler cut their price target on Pacific Biosciences of California from $20.00 to $13.00 in a research note on Tuesday, March 1st. Canaccord Genuity Group cut their price target on Pacific Biosciences of California from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. Zacks Investment Research cut Pacific Biosciences of California from a “hold” rating to a “sell” rating and set a $7.00 price objective on the stock. in a research note on Tuesday, April 26th. StockNews.com initiated coverage on Pacific Biosciences of California in a research note on Thursday, March 31st. They set a “sell” rating on the stock. Finally, Canaccord Genuity Group cut their price objective on Pacific Biosciences of California from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $29.29.

Shares of NASDAQ PACB opened at $7.29 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 15.36 and a quick ratio of 15.01. Pacific Biosciences of California has a 1-year low of $5.91 and a 1-year high of $36.36. The business has a 50-day moving average of $9.09 and a 200-day moving average of $15.57. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -8.19 and a beta of 1.43.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last released its quarterly earnings results on Wednesday, May 4th. The biotechnology company reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.05). Pacific Biosciences of California had a negative return on equity of 35.02% and a negative net margin of 138.85%. The business had revenue of $33.17 million during the quarter, compared to analyst estimates of $32.82 million. During the same quarter last year, the firm posted ($0.18) EPS. The company’s revenue was up 14.4% compared to the same quarter last year. Research analysts expect that Pacific Biosciences of California will post -1.3 EPS for the current fiscal year.

In other news, Director Kathy Ordonez sold 3,280 shares of the company’s stock in a transaction that occurred on Wednesday, February 16th. The stock was sold at an average price of $11.50, for a total transaction of $37,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 6,464 shares of company stock valued at $72,999 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Several large investors have recently bought and sold shares of PACB. First Horizon Advisors Inc. bought a new position in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $25,000. TFC Financial Management grew its holdings in shares of Pacific Biosciences of California by 714.3% during the fourth quarter. TFC Financial Management now owns 1,425 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 1,250 shares during the last quarter. Harbor Investment Advisory LLC grew its holdings in shares of Pacific Biosciences of California by 94.5% during the first quarter. Harbor Investment Advisory LLC now owns 3,636 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 1,767 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $62,000. Finally, Concord Wealth Partners grew its holdings in Pacific Biosciences of California by 222.2% in the 4th quarter. Concord Wealth Partners now owns 3,328 shares of the biotechnology company’s stock worth $68,000 after buying an additional 2,295 shares in the last quarter. 96.72% of the stock is owned by institutional investors.

About Pacific Biosciences of California (Get Rating)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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