Pacific Biosciences of California (NASDAQ:PACB) Reaches New 12-Month High – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $2.73 and last traded at $2.6850, with a volume of 2608295 shares changing hands. The stock had previously closed at $2.67.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PACB shares. Piper Sandler boosted their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Barclays lifted their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday. Finally, Stephens raised their target price on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.08.

Pacific Biosciences of California Stock Performance

The stock has a market capitalization of $778.92 million, a PE ratio of -1.17 and a beta of 2.20. The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24. The firm has a 50 day moving average of $2.12 and a 200-day moving average of $1.71.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The company had revenue of $38.44 million for the quarter, compared to the consensus estimate of $40.25 million. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. Research analysts forecast that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zacks Investment Management purchased a new position in shares of Pacific Biosciences of California during the 3rd quarter valued at $25,000. Caitong International Asset Management Co. Ltd boosted its position in Pacific Biosciences of California by 891.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Pacific Biosciences of California during the third quarter valued at $29,000. Cim Investment Management Inc. grew its stake in Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 12,822 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in Pacific Biosciences of California in the 3rd quarter worth about $38,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.