Pacific Biosciences of California, Inc. (NASDAQ:PACB) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Pacific Biosciences of California, Inc. has received an average rating of "Hold" from analysts, with four holding and three buying ratings, and an average price target of $1.90.
• Institutional investors have been increasing their stakes in the company, with ARK Investment Management LLC raising its holdings by 1.2% to over 36 million shares.
• For the latest quarter, Pacific Biosciences reported an earnings per share of ($0.13), surpassing expectations, with revenue reaching $39.77 million compared to a consensus estimate of $36.35 million.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) has received an average rating of "Hold" from the seven analysts that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $1.90.

A number of brokerages have recently commented on PACB. Piper Sandler upped their price target on Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a research report on Monday, August 11th. Barclays dropped their price target on 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. Finally, Wall Street Zen upgraded Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC raised its stake in shares of Pacific Biosciences of California by 1.2% during the 1st quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company's stock valued at $43,045,000 after purchasing an additional 434,079 shares during the period. Edmond DE Rothschild Holding S.A. grew its position in Pacific Biosciences of California by 2.4% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company's stock worth $25,789,000 after buying an additional 508,700 shares in the last quarter. Vanguard Group Inc. grew its position in Pacific Biosciences of California by 6.8% during the first quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock worth $19,191,000 after buying an additional 1,036,606 shares in the last quarter. Geode Capital Management LLC grew its position in Pacific Biosciences of California by 6.4% during the second quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company's stock worth $8,333,000 after buying an additional 401,637 shares in the last quarter. Finally, Koss Olinger Consulting LLC grew its position in Pacific Biosciences of California by 10.0% during the second quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company's stock worth $4,092,000 after buying an additional 300,000 shares in the last quarter.

Pacific Biosciences of California Trading Up 3.3%

NASDAQ PACB opened at $1.25 on Tuesday. The firm has a market capitalization of $375.46 million, a P/E ratio of -0.55 and a beta of 1.87. The business has a fifty day simple moving average of $1.33 and a 200 day simple moving average of $1.26. Pacific Biosciences of California has a 12 month low of $0.85 and a 12 month high of $2.72. The company has a current ratio of 6.92, a quick ratio of 6.02 and a debt-to-equity ratio of 10.51.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.05. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%.The firm had revenue of $39.77 million during the quarter, compared to the consensus estimate of $36.35 million. On average, analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current fiscal 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.

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