Barclays Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.50

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its price objective reduced by equities research analysts at Barclays from $2.00 to $1.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the biotechnology company's stock. Barclays's target price would suggest a potential upside of 27.66% from the stock's current price.

PACB has been the topic of several other research reports. Canaccord Genuity Group restated a "buy" rating and issued a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, April 10th. Stephens reissued an "overweight" rating and set a $1.80 price objective on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Piper Sandler cut their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Scotiabank decreased their price target on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a research report on Tuesday, March 25th. Finally, Wall Street Zen raised Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California has a consensus rating of "Hold" and a consensus target price of $2.06.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock traded down $0.03 during mid-day trading on Wednesday, hitting $1.18. 1,358,849 shares of the company's stock traded hands, compared to its average volume of 9,696,000. Pacific Biosciences of California has a one year low of $0.85 and a one year high of $2.72. The company has a market cap of $352.59 million, a PE ratio of -0.42 and a beta of 2.10. The firm has a 50 day moving average price of $1.12 and a 200 day moving average price of $1.43. The company has a quick ratio of 5.87, a current ratio of 6.68 and a debt-to-equity ratio of 7.05.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative net margin of 430.93% and a negative return on equity of 52.07%. The business had revenue of $37.15 million during the quarter, compared to the consensus estimate of $36.90 million. During the same quarter in the prior year, the company posted ($0.26) earnings per share. On average, equities analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current year.

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 raised its holdings in Pacific Biosciences of California by 10.3% during the fourth quarter. Hsbc Holdings PLC now owns 86,809 shares of the biotechnology company's stock valued at $154,000 after buying an additional 8,106 shares in the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Pacific Biosciences of California by 18.4% during the 1st quarter. AdvisorNet Financial Inc now owns 76,664 shares of the biotechnology company's stock valued at $90,000 after acquiring an additional 11,895 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Pacific Biosciences of California by 33.2% in the 4th quarter. Stifel Financial Corp now owns 67,531 shares of the biotechnology company's stock valued at $124,000 after acquiring an additional 16,843 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Pacific Biosciences of California by 3.8% in the first quarter. Federated Hermes Inc. now owns 465,258 shares of the biotechnology company's stock valued at $549,000 after purchasing an additional 16,960 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Pacific Biosciences of California by 4.8% in the first quarter. Rhumbline Advisers now owns 438,775 shares of the biotechnology company's stock worth $518,000 after buying an additional 20,153 shares during the last quarter.

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.

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