Pacific Biosciences of California (NASDAQ:PACB) Stock Rating Upgraded by Wall Street Zen

Key Points

• Pacific Biosciences of California has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a potential change in investor sentiment towards the stock.
• Despite the upgrade, equities analysts have lowered their target prices, with Piper Sandler setting a new target of $1.25 and Barclays at $1.50.
• The company's recent earnings report showed a narrower loss than expected, with revenues of $39.77 million surpassing analyst estimates.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Other equities analysts also recently issued research reports about the company. Piper Sandler cut their target price on Pacific Biosciences of California from $2.00 to $1.25 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Barclays cut their target price on Pacific Biosciences of California from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Wednesday, June 25th. Finally, Stephens restated an "overweight" rating and issued a $1.80 target price on shares of Pacific Biosciences of California in a research note on Thursday, May 15th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $1.88.

Pacific Biosciences of California Price Performance

PACB stock opened at $1.35 on Friday. The company has a market capitalization 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 7.05, a quick ratio of 5.87 and a current ratio of 6.68. Pacific Biosciences of California has a 52-week low of $0.85 and a 52-week high of $2.72. The business has a 50-day simple moving average of $1.35 and a two-hundred day simple moving average of $1.32.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.18) by $0.05. Pacific Biosciences of California had a negative return on equity of 52.99% and a negative net margin of 336.40%. The firm had revenue of $39.77 million for the quarter, compared to the consensus estimate of $36.35 million. Research analysts expect that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jump Financial LLC bought a new position in shares of Pacific Biosciences of California in the first quarter worth $25,000. Sandbox Financial Partners LLC bought a new position in shares of Pacific Biosciences of California in the first quarter worth $32,000. Hartline Investment Corp bought a new position in shares of Pacific Biosciences of California in the first quarter worth $37,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Pacific Biosciences of California by 47.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 9,739 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Pacific Biosciences of California in the fourth quarter worth $42,000.

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.

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