Analysts Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) PT at $2.20

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given an average rating of “Moderate Buy” by the seven research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $2.20.

A number of analysts have weighed in on PACB shares. Barclays boosted their target price on shares of 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 research report on Thursday, January 22nd. Stephens upped their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Zacks Research raised Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Piper Sandler upped their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th.

Pacific Biosciences of California Stock Down 5.6%

Shares of NASDAQ PACB opened at $1.68 on Friday. The company has a market cap of $507.36 million, a price-to-earnings ratio of -0.91 and a beta of 2.31. 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 has a 12 month low of $0.85 and a 12 month high of $2.73. The stock has a 50-day moving average price of $1.98 and a two-hundred day moving average price of $1.80.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.07. The company had revenue of $44.65 million for the quarter, compared to the consensus estimate of $44.60 million. Pacific Biosciences of California had a negative net margin of 341.47% and a negative return on equity of 326.43%. As a group, analysts forecast that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other Pacific Biosciences of California news, insider Christian O. Henry sold 331,793 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 value of $524,232.94. Following the sale, the insider owned 2,814,374 shares in the company, valued at approximately $4,446,710.92. The trade was a 10.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michele Farmer sold 35,215 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total value of $55,639.70. Following the transaction, the insider owned 234,044 shares of the company’s stock, valued at $369,789.52. This trade represents a 13.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 707,731 shares of company stock valued at $1,128,762. Insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in shares of Pacific Biosciences of California by 29.5% in the 4th 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 during the period. Mercer Global Advisors Inc. ADV raised its stake in Pacific Biosciences of California by 47.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock worth $39,000 after buying an additional 6,695 shares during the last quarter. XTX Topco Ltd lifted its holdings in 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 buying an additional 615,907 shares during the period. Polymer Capital Management US LLC acquired a new stake in Pacific Biosciences of California during the 4th quarter worth about $70,000. Finally, Engineers Gate Manager LP bought a new position in shares of Pacific Biosciences of California in the 4th quarter worth about $40,000.

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.