Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.06 Consensus PT from Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) have been given a consensus rating of "Hold" by the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $2.06.

A number of research firms recently issued reports on PACB. Scotiabank decreased their target price on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating for the company in a report on Tuesday, March 25th. Canaccord Genuity Group restated a "buy" rating and issued a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, April 10th. Stephens restated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Piper Sandler decreased their price target on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Finally, Barclays lowered their target price on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research report on Wednesday, June 25th.

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds have recently modified their holdings of PACB. Softbank Group CORP. acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at $37,426,000. Millennium Management LLC boosted its position in Pacific Biosciences of California by 66.9% in the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock valued at $31,230,000 after buying an additional 6,840,953 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in Pacific Biosciences of California during the 4th quarter worth approximately $8,962,000. Koss Olinger Consulting LLC grew its holdings in Pacific Biosciences of California by 150.0% during the 4th quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company's stock worth $3,660,000 after acquiring an additional 1,200,000 shares in the last quarter. Finally, Barclays PLC increased its holdings in Pacific Biosciences of California by 178.9% in the fourth quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock valued at $3,038,000 after buying an additional 1,064,909 shares during the last quarter.

Pacific Biosciences of California Trading Down 1.4%

PACB stock traded down $0.02 during midday trading on Thursday, hitting $1.37. 4,374,772 shares of the company's stock were exchanged, compared to its average volume of 9,609,568. The business has a 50-day simple moving average of $1.21 and a two-hundred day simple moving average of $1.37. The company has a current ratio of 6.68, a quick ratio of 5.87 and a debt-to-equity ratio of 7.05. The stock has a market capitalization of $411.11 million, a PE ratio of -0.49 and a beta of 2.16. Pacific Biosciences of California has a 1-year low of $0.85 and a 1-year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.04. The business had revenue of $37.15 million for the quarter, compared to analysts' expectations of $36.90 million. Pacific Biosciences of California had a negative net margin of 430.93% and a negative return on equity of 52.07%. During the same quarter in the prior year, the company earned ($0.26) earnings per share. On average, sell-side analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

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.