Piper Sandler Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.25

Pacific Biosciences of California (NASDAQ:PACB) had its price objective lowered by equities research analysts at Piper Sandler from $2.00 to $1.25 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price objective would indicate a potential upside of 20.77% from the stock’s current price.

A number of other research analysts have also issued reports on the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $3.00 target price on shares of Pacific Biosciences of California in a report on Thursday, April 10th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. The Goldman Sachs Group lowered 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 reaffirmed an “overweight” rating and set a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday. Finally, Scotiabank lowered their target price on Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating on the stock in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.34.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB opened at $1.04 on Thursday. Pacific Biosciences of California has a fifty-two week low of $0.95 and a fifty-two week high of $2.72. The firm’s 50-day simple moving average is $1.20 and its 200 day simple moving average is $1.61. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. The stock has a market cap of $310.59 million, a P/E ratio of -0.63 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. The firm had revenue of $37.15 million for the quarter, compared to analyst estimates of $36.90 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 in the previous year, the company earned ($0.26) earnings per share. Equities analysts expect that Pacific Biosciences of California will post -0.72 EPS for the current year.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction dated Tuesday, February 18th. The stock was 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 of the company’s stock, 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 SEC, which is available through this hyperlink. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently bought and sold shares of the business. Jump Financial LLC purchased a new position in Pacific Biosciences of California during the 1st quarter valued at about $25,000. Sandbox Financial Partners LLC purchased a new position in Pacific Biosciences of California during the 1st quarter valued at about $32,000. Hartline Investment Corp purchased a new position in Pacific Biosciences of California during the 1st quarter valued at about $37,000. First Trust Advisors LP purchased a new position in Pacific Biosciences of California during the 4th quarter valued at about $42,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at about $43,000.

About Pacific Biosciences of California

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.