FY2024 EPS Estimates for Pacific Biosciences of California, Inc. (NASDAQ:PACB) Lifted by Cantor Fitzgerald

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) - Equities research analysts at Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for Pacific Biosciences of California in a report released on Monday, May 13th. Cantor Fitzgerald analyst R. Osborn now forecasts that the biotechnology company will post earnings of ($0.84) per share for the year, up from their prior forecast of ($1.05). The consensus estimate for Pacific Biosciences of California's current full-year earnings is ($1.00) per share.

Several other research firms have also recently weighed in on PACB. The Goldman Sachs Group cut shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $7.00 to $2.50 in a research report on Thursday, April 18th. JPMorgan Chase & Co. cut shares of Pacific Biosciences of California from an "overweight" rating to a "neutral" rating in a research note on Monday, April 22nd. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday. Barclays decreased their price target on Pacific Biosciences of California from $3.00 to $2.00 and set an "equal weight" rating on the stock in a research note on Friday, May 10th. Finally, Morgan Stanley dropped their price objective on Pacific Biosciences of California from $10.00 to $4.00 and set an "equal weight" rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Pacific Biosciences of California has an average rating of "Hold" and an average target price of $6.59.

Pacific Biosciences of California Price Performance

NASDAQ PACB traded down $0.08 during midday trading on Wednesday, hitting $2.15. The company had a trading volume of 15,791,081 shares, compared to its average volume of 10,298,676. The firm has a 50-day moving average price of $2.80 and a 200-day moving average price of $5.83. The company has a market capitalization of $584.21 million, a PE ratio of -1.88 and a beta of 1.99. The company has a current ratio of 9.28, a quick ratio of 8.36 and a debt-to-equity ratio of 1.38. Pacific Biosciences of California has a twelve month low of $1.25 and a twelve month high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) EPS for the quarter, hitting the consensus estimate of ($0.26). The company had revenue of $38.81 million for the quarter, compared to analysts' expectations of $38.78 million. Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%.

Insider Buying and Selling

In other news, insider Oene Mark Van sold 33,560 shares of the firm's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the transaction, the insider now directly owns 876,611 shares in the company, valued at $5,224,601.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Pacific Biosciences of California news, Director David W. Meline acquired 40,000 shares of the company's stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $4.40 per share, with a total value of $176,000.00. Following the purchase, the director now directly owns 40,000 shares of the company's stock, valued at $176,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Oene Mark Van sold 33,560 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now directly owns 876,611 shares in the company, valued at $5,224,601.56. The disclosure for this sale can be found here. Insiders have sold a total of 37,359 shares of company stock valued at $218,843 over the last 90 days. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors have recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. grew its position in Pacific Biosciences of California by 955.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company's stock valued at $39,402,000 after purchasing an additional 9,511,787 shares during the period. ARK Investment Management LLC increased its position in shares of Pacific Biosciences of California by 15.7% during the fourth quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company's stock worth $338,487,000 after acquiring an additional 4,681,833 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Pacific Biosciences of California by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company's stock worth $262,806,000 after acquiring an additional 3,514,792 shares in the last quarter. Decheng Capital LLC acquired a new position in Pacific Biosciences of California during the 4th quarter valued at about $28,845,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Pacific Biosciences of California by 2,201.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company's stock worth $29,838,000 after purchasing an additional 2,909,439 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.