Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $2.50

Pacific Biosciences of California (NASDAQ:PACB - Free Report) had its price objective lowered by TD Cowen from $12.00 to $2.50 in a research report released on Wednesday morning, Benzinga reports. TD Cowen currently has a buy rating on the biotechnology company's stock.

Several other equities analysts also recently issued reports on PACB. Barclays decreased their price objective on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a report on Wednesday, April 10th. The Goldman Sachs Group decreased their price target on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. UBS Group decreased their price target on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a research note on Friday, February 16th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a sell rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $9.05.

Pacific Biosciences of California Stock Performance

PACB remained flat at $1.40 during midday trading on Wednesday. 35,341,825 shares of the company's stock traded hands, compared to its average volume of 9,625,326. The company has a debt-to-equity ratio of 1.27, a current ratio of 7.81 and a quick ratio of 7.21. The stock has a market cap of $375.13 million, a P/E ratio of -1.16 and a beta of 1.83. Pacific Biosciences of California has a fifty-two week low of $1.25 and a fifty-two week high of $14.55. The stock's 50-day moving average price is $4.36 and its 200 day moving average price is $6.69.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. The business had revenue of $58.36 million for the quarter, compared to the consensus estimate of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The company's revenue was up 113.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) earnings per share. Equities research analysts anticipate that Pacific Biosciences of California will post -1.01 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors have recently made changes to their positions in the stock. Moody Aldrich Partners LLC purchased a new stake in Pacific Biosciences of California during the 4th quarter worth approximately $4,103,000. ARK Investment Management LLC increased its stake in Pacific Biosciences of California by 15.7% during the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company's stock worth $338,487,000 after buying an additional 4,681,833 shares during the period. Nordea Investment Management AB increased its stake in Pacific Biosciences of California by 37.5% during the 3rd quarter. Nordea Investment Management AB now owns 149,131 shares of the biotechnology company's stock worth $1,255,000 after buying an additional 40,667 shares during the period. Qube Research & Technologies Ltd increased its stake in Pacific Biosciences of California by 452.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 330,331 shares of the biotechnology company's stock worth $2,758,000 after buying an additional 270,573 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Pacific Biosciences of California by 2,201.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company's stock worth $29,838,000 after buying an additional 2,909,439 shares during the period.

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.