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

Key Points

• Pacific Biosciences received a consensus “Reduce” rating from five analysts: two sells, two holds and one buy. The average 12-month price target is $1.83, compared with the stock’s reported price of $1.36.
• The company remains financially challenged, reporting a quarterly loss of $0.12 per share, revenue of $37.18 million below estimates, an 80.35% negative net margin and analysts’ projected full-year loss of $0.50 per share.
• Despite the cautious analyst outlook, several institutional investors increased or initiated positions, including Dimensional Fund Advisors, which raised its holdings by 177.9%, and the State of Wyoming, which increased its stake by 663.4%.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) has been assigned a consensus rating of "Reduce" from the five research firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $1.8333.

A number of equities analysts have weighed in on the company. Barclays upped their price target on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an "underweight" rating in a report on Monday, May 11th. Zacks Research cut shares of Pacific Biosciences of California from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Pacific Biosciences of California in a research note on Friday, July 17th.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently added to or reduced their stakes in the company. Essential Partners LLC acquired a new stake in shares of Pacific Biosciences of California during the first quarter valued at about $25,000. Sei Investments Co. bought a new stake in shares of Pacific Biosciences of California in the first quarter worth $220,000. State of Wyoming increased its stake in shares of Pacific Biosciences of California by 663.4% in the first quarter. State of Wyoming now owns 55,529 shares of the biotechnology company's stock worth $73,000 after buying an additional 48,255 shares during the last quarter. Himension Capital Singapore PTE. LTD. bought a new position in Pacific Biosciences of California during the 1st quarter valued at $365,000. Finally, Dimensional Fund Advisors LP grew its holdings in Pacific Biosciences of California by 177.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 899,550 shares of the biotechnology company's stock worth $1,187,000 after acquiring an additional 575,801 shares in the last quarter.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock opened at $1.36 on Monday. Pacific Biosciences of California has a twelve month low of $1.09 and a twelve month high of $2.73. The stock has a market cap of $422.42 million, a price-to-earnings ratio of -3.16 and a beta of 2.29. The company has a fifty day moving average price of $1.44 and a 200 day moving average price of $1.60.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. Pacific Biosciences of California had a negative return on equity of 571.06% and a negative net margin of 80.35%.The company had revenue of $37.18 million for the quarter, compared to analyst estimates of $39.94 million. Analysts forecast that Pacific Biosciences of California will post -0.5 earnings per share for the current year.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company's proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.

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