Pacific Biosciences of California (NASDAQ:PACB) Given New $1.00 Price Target at Barclays

Pacific Biosciences of California (NASDAQ:PACB) had its price objective trimmed by Barclays from $1.50 to $1.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the biotechnology company’s stock.

Several other research firms have also commented on PACB. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Zacks Research raised Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $1.67.

Pacific Biosciences of California Price Performance

Shares of PACB stock opened at $1.56 on Tuesday. Pacific Biosciences of California has a twelve month low of $0.85 and a twelve month high of $2.73. The stock has a market capitalization of $471.12 million, a price-to-earnings ratio of -0.85 and a beta of 2.33. The stock has a fifty day simple moving average of $1.51 and a two-hundred day simple moving average of $1.82. The company has a current ratio of 5.15, a quick ratio of 4.47 and a debt-to-equity ratio of 120.65.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.07. Pacific Biosciences of California had a negative return on equity of 326.43% and a negative net margin of 341.47%.The business had revenue of $44.65 million during the quarter, compared to analysts’ expectations of $44.60 million. On average, analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In related news, insider Michele Farmer sold 35,215 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total transaction of $55,639.70. Following the transaction, the insider directly owned 234,044 shares of the company’s stock, valued at $369,789.52. This represents a 13.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Christian O. Henry sold 331,793 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total value of $524,232.94. Following the transaction, the insider directly owned 2,814,374 shares in the company, valued at $4,446,710.92. This represents a 10.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 729,711 shares of company stock valued at $1,161,951 in the last ninety days. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of large investors have recently bought and sold shares of PACB. Hsbc Holdings PLC acquired a new stake in Pacific Biosciences of California during the fourth quarter worth about $98,000. Invesco Ltd. boosted its position in Pacific Biosciences of California by 29.5% during the fourth quarter. Invesco Ltd. now owns 1,433,011 shares of the biotechnology company’s stock worth $2,680,000 after purchasing an additional 326,238 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Pacific Biosciences of California by 47.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 6,695 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Pacific Biosciences of California by 5,001.3% in the fourth quarter. XTX Topco Ltd now owns 628,222 shares of the biotechnology company’s stock valued at $1,175,000 after acquiring an additional 615,907 shares in the last quarter. Finally, Polymer Capital Management US LLC purchased a new position in shares of Pacific Biosciences of California in the fourth quarter valued at approximately $70,000.

About Pacific Biosciences of California

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.