Canaccord Genuity Group Reiterates Buy Rating for Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California (NASDAQ:PACB)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $3.00 price objective on the biotechnology company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 120.59% from the company’s current price.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price objective on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. Scotiabank dropped their price target on shares of Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating for the company in a research note on Tuesday, March 25th. Piper Sandler reissued a “neutral” rating and issued a $2.00 price objective (down previously from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. Stephens reaffirmed an “overweight” rating and set a $2.50 target price on shares of Pacific Biosciences of California in a research report on Friday, February 14th. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pacific Biosciences of California currently has an average rating of “Hold” and a consensus target price of $2.46.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.36 on Thursday. Pacific Biosciences of California has a one year low of $1.08 and a one year high of $3.35. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The company has a market cap of $405.08 million, a price-to-earnings ratio of -0.83 and a beta of 2.04. The firm has a 50 day simple moving average of $1.39 and a 200 day simple moving average of $1.72.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The company had revenue of $39.22 million for the quarter, compared to the consensus estimate of $39.20 million. During the same quarter last year, the business posted ($0.27) EPS. Research analysts predict that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michele Farmer sold 24,349 shares of the business’s stock in a transaction 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 transaction, the insider now owns 187,592 shares in the company, valued at $352,672.96. The trade was a 11.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently bought and sold shares of PACB. PCA Investment Advisory Services Inc. grew its stake in shares of Pacific Biosciences of California by 50.0% in the 4th quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 5,000 shares during the period. First Trust Advisors LP bought a new position in Pacific Biosciences of California in the fourth quarter worth approximately $42,000. Centiva Capital LP acquired a new stake in Pacific Biosciences of California in the third quarter valued at approximately $40,000. Boothbay Fund Management LLC bought a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $43,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Pacific Biosciences of California during the fourth quarter worth approximately $44,000.

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.