Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $1.88 Average Target Price from Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $1.90.

PACB has been the subject of a number of analyst reports. Stephens reaffirmed an “overweight” rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Barclays cut their price objective on Pacific Biosciences of California from $2.00 to $1.50 and set an “equal weight” rating for the company in a research report on Wednesday, June 25th. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Piper Sandler boosted their price objective on Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a “neutral” rating in a research report on Monday.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.30 on Monday. Pacific Biosciences of California has a fifty-two week low of $0.85 and a fifty-two week high of $2.72. The business has a 50-day moving average of $1.37 and a two-hundred day moving average of $1.31. The stock has a market capitalization of $389.28 million, a P/E ratio of -0.57 and a beta of 2.17. The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%. The company had revenue of $39.77 million during the quarter, compared to analysts’ expectations of $36.35 million. On average, equities research analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Large investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new position in Pacific Biosciences of California in the 1st quarter valued at approximately $43,000. Barclays PLC raised its holdings in Pacific Biosciences of California by 178.9% in the 4th quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company’s stock valued at $3,038,000 after acquiring an additional 1,064,909 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Pacific Biosciences of California in the 4th quarter valued at approximately $8,962,000. Softbank Group CORP. acquired a new position in Pacific Biosciences of California in the 4th quarter valued at approximately $37,426,000. Finally, First Trust Advisors LP acquired a new position in Pacific Biosciences of California in the 4th quarter valued at approximately $42,000.

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.