Analysts Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Price Target at $2.34

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) has earned a consensus rating of "Moderate Buy" from the nine research firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $2.34.

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of Pacific Biosciences of California to a "sell" rating in a report on Tuesday, February 25th. Stephens reissued an "overweight" rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a report on Thursday, May 15th. The Goldman Sachs Group lowered their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating on the stock in a research note on Tuesday, February 18th. Scotiabank decreased their price objective on Pacific Biosciences of California from $6.00 to $2.00 and set a "sector outperform" rating on the stock in a report on Tuesday, March 25th. Finally, Piper Sandler dropped their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a report on Thursday, May 15th.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC lifted its position in Pacific Biosciences of California by 218.3% during the fourth quarter. Sanctuary Advisors LLC now owns 35,457 shares of the biotechnology company's stock valued at $65,000 after purchasing an additional 24,318 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of Pacific Biosciences of California by 299.2% in the 4th quarter. New York State Common Retirement Fund now owns 84,725 shares of the biotechnology company's stock valued at $155,000 after acquiring an additional 63,500 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Pacific Biosciences of California by 24.0% in the fourth quarter. IFP Advisors Inc now owns 201,585 shares of the biotechnology company's stock worth $369,000 after purchasing an additional 38,984 shares during the last quarter. ARK Investment Management LLC grew its stake in shares of Pacific Biosciences of California by 7.9% in the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company's stock worth $65,961,000 after purchasing an additional 2,637,961 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Pacific Biosciences of California by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,176,252 shares of the biotechnology company's stock valued at $3,983,000 after purchasing an additional 135,949 shares during the period.

Pacific Biosciences of California Stock Down 5.0%

Shares of Pacific Biosciences of California stock traded down $0.05 on Wednesday, reaching $0.99. 11,529,860 shares of the company were exchanged, compared to its average volume of 9,620,444. Pacific Biosciences of California has a one year low of $0.85 and a one year high of $2.72. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The company has a 50-day moving average of $1.15 and a 200 day moving average of $1.50. The company has a market capitalization of $296.33 million, a price-to-earnings ratio of -0.60 and a beta of 2.19.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.04. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The business had revenue of $37.15 million during the quarter, compared to analysts' expectations of $36.90 million. During the same quarter last year, the company posted ($0.26) earnings per share. On average, equities research analysts forecast that Pacific Biosciences of California will post -0.72 earnings per share for the current year.

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.