Pacific Biosciences of California, Inc. (NASDAQ:PACB) Given Average Recommendation of "Reduce" by Analysts

Key Points

• Analysts hold a bearish view of PACB: Six analysts assign the stock an average “Reduce” rating, including two sells, three holds and one buy. The average 12-month price target is $1.7125.
• Recent financial results missed expectations: PacBio reported a quarterly loss of $0.14 per share versus the $0.13 consensus loss estimate, while revenue of $39.01 million fell short of the $42.90 million forecast.
• The stock remains under pressure: PACB opened at $1.35, near its 50-day average of $1.36 and below its 200-day average of $1.42; the company has a market capitalization of about $419.6 million and a negative net margin of 82.49%.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) have received an average rating of "Reduce" from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $1.7125.

Several research firms recently issued reports on PACB. Wall Street Zen cut Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings raised Pacific Biosciences of California from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday. Finally, UBS Group assumed coverage on Pacific Biosciences of California in a report on Wednesday, September 9th. They issued a "neutral" rating and a $1.35 price objective for the company.

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Mark Van Oene sold 26,911 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider directly owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of large investors have recently modified their holdings of PACB. Corient Private Wealth LP bought a new position in Pacific Biosciences of California in the second quarter worth about $30,000. Outlook Wealth Advisors LLC bought a new stake in Pacific Biosciences of California during the 4th quarter valued at approximately $34,000. Essential Partners LLC purchased a new position in shares of Pacific Biosciences of California during the 1st quarter worth approximately $25,000. Pinegrove Venture Partners LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter worth approximately $34,584. Finally, Legal & General Group Plc bought a new position in shares of Pacific Biosciences of California in the 2nd quarter worth approximately $46,000.

Pacific Biosciences of California Stock Performance

PACB stock opened at $1.35 on Tuesday. The company has a market capitalization of $419.62 million, a PE ratio of -3.14 and a beta of 2.31. Pacific Biosciences of California has a one year low of $1.07 and a one year high of $2.73. The company's 50 day moving average price is $1.36 and its two-hundred day moving average price is $1.42.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Pacific Biosciences of California had a negative return on equity of 5,752.12% and a negative net margin of 82.49%.The business had revenue of $39.01 million during the quarter, compared to the consensus estimate of $42.90 million. On average, research analysts predict that Pacific Biosciences of California will post -0.52 EPS for the current year.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc NASDAQ: PACB develops and commercializes life-science technologies for DNA sequencing. The company is best known for its Single Molecule, Real-Time (SMRT) sequencing platform, which produces highly accurate, long-read sequencing data used to study genomes, transcriptomes and other biological systems.

PacBio's product portfolio includes the Revio and Sequel IIe long-read sequencing systems, associated consumables and sample-preparation solutions, and software for data analysis and interpretation.

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