Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $1.88 Consensus Target Price from Brokerages

Key Points

• Pacific Biosciences of California, Inc. has received a consensus rating of "Hold" from analysts, with five recommending hold and three recommending buy.
• The company's shares opened at $1.35, with a 1-year price range between $0.85 and $2.72.
• Recent analysts' target price adjustments include Barclays lowering its target from $2.00 to $1.50 and Piper Sandler reducing its target from $2.00 to $1.25.

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) has earned an average recommendation of "Hold" from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $1.90.

Several analysts recently issued reports on the stock. Stephens reaffirmed an "overweight" rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Barclays cut their price target on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a report on Wednesday, June 25th. Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Piper Sandler upped their price target on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the company a "neutral" rating in a report on Monday.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC raised its holdings in shares of Pacific Biosciences of California by 1.2% during the first quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company's stock worth $43,045,000 after purchasing an additional 434,079 shares during the period. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Pacific Biosciences of California by 2.4% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company's stock worth $25,789,000 after acquiring an additional 508,700 shares during the period. Softbank Group CORP. acquired a new stake in shares of Pacific Biosciences of California in the 4th quarter worth about $37,426,000. Millennium Management LLC increased its holdings in shares of 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 worth $31,230,000 after acquiring an additional 6,840,953 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Pacific Biosciences of California by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company's stock worth $19,191,000 after acquiring an additional 1,036,606 shares during the period.

Pacific Biosciences of California Stock Up 9.3%

PACB traded up $0.12 during trading on Monday, hitting $1.35. The company had a trading volume of 2,570,376 shares, compared to its average volume of 9,909,229. The company has a market cap of $404.00 million, a PE ratio of -0.58 and a beta of 2.17. The business has a 50-day moving average of $1.37 and a 200-day moving average of $1.31. The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02. 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 posted its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.05. The firm had revenue of $39.77 million for the quarter, compared to analysts' expectations of $36.35 million. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. As a group, analysts forecast that Pacific Biosciences of California will post -0.72 earnings per share for the current 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.