Barclays Reaffirms “Underweight” Rating for Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California (NASDAQ:PACB)‘s stock had its “underweight” rating reissued by analysts at Barclays in a research report issued on Friday, MarketBeat.com reports. They currently have a $1.50 price objective on the biotechnology company’s stock, down from their prior price objective of $2.00. Barclays‘s target price suggests a potential upside of 8.70% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Piper Sandler increased their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Stephens lifted their target price on 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.10.

Pacific Biosciences of California Stock Down 9.2%

Shares of PACB stock opened at $1.38 on Friday. Pacific Biosciences of California has a 12 month low of $0.85 and a 12 month high of $2.73. The firm has a market cap of $416.76 million, a PE ratio of -0.75 and a beta of 2.31. The stock has a 50 day moving average of $1.95 and a 200-day moving average of $1.80. The company has a quick ratio of 4.47, a current ratio of 5.15 and a debt-to-equity ratio of 120.65.

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

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Christian O. Henry sold 140,874 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total value of $229,624.62. Following the completion of the transaction, the insider owned 2,673,500 shares in the company, valued at approximately $4,357,805. This represents a 5.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 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. The trade was a 13.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 729,711 shares of company stock valued at $1,161,951 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors have recently added to or reduced their stakes in the stock. Zacks Investment Management bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd lifted its position 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 buying an additional 20,478 shares during the period. Russell Investments Group Ltd. acquired a new stake in Pacific Biosciences of California in the 3rd quarter valued at $29,000. Cim Investment Management Inc. grew its position 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 acquiring an additional 12,822 shares during the period. Finally, Outlook Wealth Advisors LLC bought a new stake in Pacific Biosciences of California in the fourth quarter valued at $34,000.

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.