Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives Average Rating of "Hold" 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.

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) have been given a consensus recommendation of "Hold" by the eight analysts that are currently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $1.8813.

Several brokerages have recently commented on PACB. Barclays lowered their target price on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Wednesday, June 25th. Piper Sandler reduced their price target on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Stephens restated an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday.

Pacific Biosciences of California Stock Performance

Shares of PACB stock opened at $1.35 on Monday. The firm has a 50-day moving average of $1.35 and a 200-day moving average of $1.32. The company has a market cap of $405.11 million, a P/E ratio of -0.59 and a beta of 2.17. 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 one year low of $0.85 and a one year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $39.77 million during the quarter, compared to the consensus estimate 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%. Equities research analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PACB. Franklin Resources Inc. boosted its position in Pacific Biosciences of California by 20.3% during the fourth quarter. Franklin Resources Inc. now owns 214,094 shares of the biotechnology company's stock worth $392,000 after purchasing an additional 36,158 shares during the period. Wells Fargo & Company MN boosted its position in Pacific Biosciences of California by 26.3% during the fourth quarter. Wells Fargo & Company MN now owns 163,154 shares of the biotechnology company's stock worth $299,000 after purchasing an additional 33,933 shares during the period. Raymond James Financial Inc. bought a new position in Pacific Biosciences of California during the fourth quarter worth about $253,000. Barclays PLC boosted its position in Pacific Biosciences of California by 178.9% during the fourth quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company's stock worth $3,038,000 after purchasing an additional 1,064,909 shares during the period. Finally, First Trust Advisors LP bought a new position in Pacific Biosciences of California during the fourth quarter worth about $42,000.

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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