Pacific Biosciences of California, Inc. (NASDAQ:PACB) Stock Has Consensus Price Target of $1.71 According to Brokerages

Key Points

• Analysts are broadly bearish on PACB: Six brokerages assign the stock an average “Reduce” rating, with a consensus 12-month price target of $1.71 versus the reported $2.33 share price.
• Recent operating results missed expectations: PacBio reported a quarterly loss of $0.14 per share, worse than the $0.13 consensus estimate, while revenue of $39.01 million fell short of the $42.90 million forecast.
• Insider selling contrasts with institutional buying: Insiders sold significant amounts of stock, including a 661,815-share sale by James Gibson II, while BlackRock and other major investors established or increased positions.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) have been given an average rating of "Reduce" by the six research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $1.71.

A number of brokerages have recently issued reports on PACB. UBS Group initiated coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They set a "neutral" rating and a $1.35 price objective on the stock. Weiss Ratings cut Pacific Biosciences of California from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, September 28th. Finally, Wall Street Zen lowered shares of Pacific Biosciences of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th.

Insider Activity at Pacific Biosciences of California

In other 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 transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Gibson, II sold 661,815 shares of the business's stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $3.11, for a total value of $2,058,244.65. Following the sale, the insider owned 1,083,848 shares in the company, valued at approximately $3,370,767.28. This trade represents a 37.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Pacific Biosciences of California

Several large investors have recently modified their holdings of PACB. BlackRock Inc. acquired a new stake in Pacific Biosciences of California during the 2nd quarter worth about $54,330,000. Casdin Capital LLC raised its holdings in shares of Pacific Biosciences of California by 483.6% during the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company's stock valued at $7,898,000 after purchasing an additional 3,500,000 shares during the period. Bank of America Corp DE bought a new stake in Pacific Biosciences of California in the 2nd quarter valued at about $2,265,000. Hhlr Advisors LTD. acquired a new stake in Pacific Biosciences of California in the second quarter valued at approximately $1,544,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Pacific Biosciences of California in the 2nd quarter worth $1,290,000.

Pacific Biosciences of California Trading Up 1.3%

NASDAQ:PACB opened at $2.33 on Friday. The business's 50-day moving average price is $1.54 and its two-hundred day moving average price is $1.48. Pacific Biosciences of California has a 1-year low of $1.07 and a 1-year high of $3.43. The firm has a market capitalization of $724.23 million, a price-to-earnings ratio of -5.42 and a beta of 2.19.

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

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops and sells advanced genetic sequencing technologies. The company's platform is based on single-molecule, real-time (SMRT) sequencing, which is designed to produce highly accurate, long DNA reads. These reads can help researchers identify genetic variation, assemble genomes, and analyze complex biological systems that may be difficult to study using short-read sequencing methods.

PacBio's product portfolio includes the Revio and Sequel IIe sequencing systems, SMRT Cells and other consumables, library-preparation products, and software for instrument operation, data analysis, and interpretation.

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