Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $2.95.

Several research firms recently issued reports on PACB. Piper Sandler increased their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday, November 11th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a report on Monday, November 11th. Finally, Scotiabank dropped their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research report on Monday, November 11th.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Carret Asset Management LLC lifted its position in Pacific Biosciences of California by 142.5% in the second quarter. Carret Asset Management LLC now owns 77,600 shares of the biotechnology company’s stock worth $106,000 after buying an additional 45,600 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Pacific Biosciences of California by 13.4% in the 2nd quarter. Rhumbline Advisers now owns 436,868 shares of the biotechnology company’s stock worth $598,000 after acquiring an additional 51,727 shares during the last quarter. Impact Partnership Wealth LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter worth about $37,000. Koss Olinger Consulting LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter worth about $1,096,000. Finally, Daiwa Securities Group Inc. grew its holdings in Pacific Biosciences of California by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after purchasing an additional 9,516 shares during the last quarter.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.80 on Friday. The business’s 50-day simple moving average is $2.00 and its two-hundred day simple moving average is $1.77. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $9.51. The stock has a market cap of $492.96 million, a PE ratio of -1.23 and a beta of 1.95. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

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.