Pacific Biosciences of California (NASDAQ:PACB) Coverage Initiated by Analysts at Barclays

Barclays started coverage on shares of Pacific Biosciences of California (NASDAQ:PACB – Get Rating) in a research report released on Wednesday, The Fly reports. The brokerage issued an equal weight rating and a $14.00 price target on the biotechnology company’s stock.

A number of other analysts also recently weighed in on the company. SpectralCast reiterated a maintains rating on shares of Pacific Biosciences of California in a report on Wednesday, May 3rd. TD Cowen upgraded Pacific Biosciences of California from a market perform rating to an outperform rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Friday, March 31st. UBS Group initiated coverage on Pacific Biosciences of California in a report on Thursday, February 2nd. They set a neutral rating and a $13.00 price target on the stock. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $10.00 to $13.00 in a research report on Monday. Finally, Cantor Fitzgerald raised their price target on shares of Pacific Biosciences of California from $12.00 to $13.00 in a report on Wednesday, May 3rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of Hold and a consensus target price of $12.75.

Pacific Biosciences of California Stock Down 1.0 %

Shares of PACB opened at $11.91 on Wednesday. The stock’s 50-day moving average price is $10.29 and its two-hundred day moving average price is $9.96. Pacific Biosciences of California has a 12 month low of $3.85 and a 12 month high of $14.20. The company has a market capitalization of $2.98 billion, a PE ratio of -8.57 and a beta of 1.67. The company has a current ratio of 3.69, a quick ratio of 3.46 and a debt-to-equity ratio of 1.30.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last announced its earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.02. Pacific Biosciences of California had a negative return on equity of 47.46% and a negative net margin of 239.32%. The business had revenue of $38.90 million for the quarter, compared to analysts’ expectations of $34.38 million. During the same period in the prior year, the business posted ($0.37) earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. On average, analysts anticipate that Pacific Biosciences of California will post -1.27 EPS for the current year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, Director William W. Ericson sold 7,541 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $8.90, for a total value of $67,114.90. Following the completion of the sale, the director now owns 18,795 shares in the company, valued at $167,275.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Susan G. Kim sold 5,045 shares of Pacific Biosciences of California stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $9.49, for a total transaction of $47,877.05. Following the sale, the insider now directly owns 323,505 shares in the company, valued at approximately $3,070,062.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William W. Ericson sold 7,541 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $8.90, for a total transaction of $67,114.90. Following the transaction, the director now owns 18,795 shares of the company’s stock, valued at approximately $167,275.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,493 shares of company stock worth $124,307. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its holdings in Pacific Biosciences of California by 190.5% during the second quarter. Goldman Sachs Group Inc. now owns 8,438,572 shares of the biotechnology company’s stock valued at $37,299,000 after purchasing an additional 5,533,953 shares during the period. Lord Abbett & CO. LLC bought a new position in Pacific Biosciences of California during the fourth quarter worth about $34,455,000. Price T Rowe Associates Inc. MD increased its stake in shares of Pacific Biosciences of California by 68.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company’s stock worth $45,456,000 after purchasing an additional 4,179,997 shares in the last quarter. Bellevue Group AG raised its position in shares of Pacific Biosciences of California by 214.3% in the first quarter. Bellevue Group AG now owns 4,881,752 shares of the biotechnology company’s stock valued at $44,424,000 after purchasing an additional 3,328,729 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in shares of Pacific Biosciences of California by 110.4% during the 4th quarter. Point72 Asset Management L.P. now owns 5,331,995 shares of the biotechnology company’s stock valued at $43,616,000 after buying an additional 2,797,889 shares in the last quarter. 92.88% of the stock is currently owned by hedge funds and other institutional investors.

Pacific Biosciences of California Company Profile

(Get Rating)

Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: America, Europe, Middle East, and Africa, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.