Barclays Trims Pacific Biosciences of California (NASDAQ:PACB) Target Price to $2.00

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its price objective cut by investment analysts at Barclays from $3.00 to $2.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the biotechnology company's stock. Barclays's price target indicates a potential upside of 12.99% from the stock's current price.

PACB has been the subject of a number of other reports. The Goldman Sachs Group downgraded Pacific Biosciences of California from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $7.00 to $2.50 in a research report on Thursday, April 18th. Scotiabank reduced their price target on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 18th. UBS Group dropped their price objective on Pacific Biosciences of California from $12.50 to $12.00 and set a "buy" rating for the company in a research note on Friday, February 16th. JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an "overweight" rating to a "neutral" rating in a research note on Monday, April 22nd. Finally, Sanford C. Bernstein reduced their price objective on Pacific Biosciences of California from $9.00 to $2.50 and set an "outperform" rating on the stock in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $7.68.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock traded up $0.05 during mid-day trading on Friday, reaching $1.77. 13,424,176 shares of the company's stock were exchanged, compared to its average volume of 9,987,819. The business's fifty day simple moving average is $3.01 and its 200 day simple moving average is $5.98. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. Pacific Biosciences of California has a one year low of $1.25 and a one year high of $14.55. The firm has a market capitalization of $482.04 million, a PE ratio of -1.48 and a beta of 1.99.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) EPS for the quarter, hitting analysts' consensus estimates 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 return on equity of 40.23% and a negative net margin of 152.97%. On average, sell-side analysts expect that Pacific Biosciences of California will post -1 earnings per share for the current year.

Insider Activity

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of Pacific Biosciences of California 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 completion of the sale, the insider now directly owns 876,611 shares of the company's stock, valued at approximately $5,224,601.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director David W. Meline acquired 40,000 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average price of $4.40 per share, with a total value 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Oene Mark Van sold 33,560 shares of Pacific Biosciences of California 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 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. In the last 90 days, insiders have sold 37,359 shares of company stock valued at $218,843. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Pacific Biosciences of California

Institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC purchased a new stake in Pacific Biosciences of California during the 1st quarter worth approximately $32,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Pacific Biosciences of California in the 1st quarter valued at about $38,000. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Pacific Biosciences of California in the third quarter valued at approximately $59,000. SG Americas Securities LLC purchased a new stake in shares of Pacific Biosciences of California in the first quarter valued at about $80,000. Finally, Private Wealth Partners LLC acquired a new position in Pacific Biosciences of California in the fourth quarter valued at approximately $98,000.

About Pacific Biosciences of California

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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