Pacific Biosciences of California (NASDAQ:PACB) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from an overweight rating to a neutral rating in a research report released on Monday morning, Marketbeat.com reports.

A number of other analysts have also recently commented on PACB. Barclays dropped their price target on Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a research report on Wednesday, April 10th. TD Cowen lowered 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. The Goldman Sachs Group cut Pacific Biosciences of California from a buy rating to a neutral rating and lowered their price objective for the company from $7.00 to $2.50 in a research report on Thursday, April 18th. Scotiabank lowered their price objective on Pacific Biosciences of California from $15.00 to $8.00 and set a sector outperform rating on the stock in a research report on Thursday, April 18th. Finally, StockNews.com raised Pacific Biosciences of California to a sell rating in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California presently has an average rating of Hold and a consensus target price of $7.77.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $1.56 on Monday. The stock’s 50 day simple moving average is $4.05 and its two-hundred day simple moving average is $6.54. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. The stock has a market cap of $418.01 million, a price-to-earnings ratio of -1.29 and a beta of 1.83. Pacific Biosciences of California has a fifty-two week low of $1.25 and a fifty-two week high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The business had revenue of $58.36 million for the quarter, compared to analysts’ expectations of $57.96 million. During the same period in the previous year, the firm posted ($0.35) EPS. The business’s revenue was up 113.3% on a year-over-year basis. As a group, analysts expect that Pacific Biosciences of California will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In related news, Director David W. Meline acquired 40,000 shares of Pacific Biosciences of California stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the purchase, the director now directly owns 40,000 shares of the company’s stock, valued at approximately $176,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David W. Meline purchased 40,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $4.40 per share, with a total value of $176,000.00. Following the purchase, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The disclosure for this purchase can be found here. Insiders sold 37,359 shares of company stock worth $218,843 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors have recently bought and sold shares of the business. First Trust Direct Indexing L.P. purchased a new stake in Pacific Biosciences of California in the 1st quarter worth $98,000. Carret Asset Management LLC increased its stake in Pacific Biosciences of California by 52.4% in the 1st quarter. Carret Asset Management LLC now owns 32,000 shares of the biotechnology company’s stock worth $120,000 after buying an additional 11,000 shares in the last quarter. Mirador Capital Partners LP increased its stake in Pacific Biosciences of California by 506.0% in the 1st quarter. Mirador Capital Partners LP now owns 318,373 shares of the biotechnology company’s stock worth $1,194,000 after buying an additional 265,835 shares in the last quarter. SteelPeak Wealth LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter worth $355,000. Finally, Bourne Lent Asset Management Inc. increased its stake in Pacific Biosciences of California by 10.5% in the 1st quarter. Bourne Lent Asset Management Inc. now owns 654,415 shares of the biotechnology company’s stock worth $2,454,000 after buying an additional 62,200 shares in the last quarter.

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.