Piper Sandler Forecasts Strong Price Appreciation for Pacific Biosciences of California (NASDAQ:PACB) Stock

Key Points

• Piper Sandler has increased its target price for Pacific Biosciences of California (PACB) stock from $1.25 to $1.50, indicating a potential upside of 11.11% from its previous close.
• Multiple analysts have updated their ratings, with Wall Street Zen upgrading PACB from "sell" to "hold," while Barclays lowered its target price to $1.50.
• Pacific Biosciences reported a quarterly revenue of $39.77 million, surpassing analyst estimates, and an EPS of ($0.13), beating expectations of ($0.18).

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its price objective upped by analysts at Piper Sandler from $1.25 to $1.50 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the biotechnology company's stock. Piper Sandler's target price would suggest a potential upside of 15.83% from the stock's current price.

PACB has been the topic of several other reports. 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. Stephens restated an "overweight" rating and set a $1.80 price target on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Finally, Wall Street Zen raised shares of Pacific Biosciences of California from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $1.90.

Pacific Biosciences of California Price Performance

Pacific Biosciences of California stock traded up $0.07 during mid-day trading on Monday, reaching $1.30. The company had a trading volume of 5,470,726 shares, compared to its average volume of 9,932,619. Pacific Biosciences of California has a fifty-two week low of $0.85 and a fifty-two week 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. The company has a market cap of $388.98 million, a P/E ratio of -0.57 and a beta of 2.17. The business has a fifty day simple moving average of $1.37 and a 200 day simple moving average of $1.31.

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

Institutional Investors 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. Jump Financial LLC purchased a new stake in Pacific Biosciences of California in the first quarter valued at $25,000. Sandbox Financial Partners LLC purchased a new stake in Pacific Biosciences of California in the first quarter valued at $32,000. Hartline Investment Corp purchased a new stake in Pacific Biosciences of California in the first quarter valued at $37,000. Wealth Enhancement Advisory Services LLC raised its position in 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 valued at $37,000 after purchasing an additional 9,739 shares during the period. Finally, First Trust Advisors LP purchased a new stake in Pacific Biosciences of California in the fourth quarter valued at $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.