Brokerages Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Price Target at $2.00

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has earned a consensus recommendation of “Hold” from the seven analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $2.00.

Several brokerages recently commented on PACB. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Piper Sandler increased their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Wall Street Zen raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Stephens upped their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds have recently bought and sold shares of the company. CIBC Bancorp USA Inc. acquired a new position in Pacific Biosciences of California during the third quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 20,478 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of Pacific Biosciences of California by 78.9% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 49,900 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 22,000 shares during the last quarter. Water Island Capital LLC bought a new stake in Pacific Biosciences of California in the 3rd quarter valued at $46,000. Finally, Millennium Management LLC lifted its holdings in Pacific Biosciences of California by 500.9% during the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after purchasing an additional 4,098,555 shares during the last quarter.

Pacific Biosciences of California Stock Up 18.1%

Pacific Biosciences of California stock opened at $2.22 on Wednesday. The company has a current ratio of 6.92, a quick ratio of 6.02 and a debt-to-equity ratio of 10.51. Pacific Biosciences of California has a 1-year low of $0.85 and a 1-year high of $2.46. The company has a fifty day simple moving average of $1.65 and a 200 day simple moving average of $1.40. The company has a market cap of $670.23 million, a P/E ratio of -0.97 and a beta of 2.30.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. The business had revenue of $3.34 million for the quarter. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%. Research analysts anticipate that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

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.