Pacific Biosciences of California, Inc. (NASDAQ:PACB) Given Average Recommendation of “Reduce” by Brokerages

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has been given an average recommendation of “Reduce” by the five analysts that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $1.8333.

Several research firms recently weighed in on PACB. Barclays increased their price target on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Tuesday, April 21st. Finally, Zacks Research lowered Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently bought and sold shares of the business. Essential Partners LLC purchased a new stake in Pacific Biosciences of California in the first quarter worth $25,000. Zacks Investment Management purchased a new stake in Pacific Biosciences of California in the third quarter worth $25,000. Caitong International Asset Management Co. Ltd increased its stake in Pacific Biosciences of California by 891.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares during the period. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California in the third quarter worth $29,000. Finally, Outlook Wealth Advisors LLC purchased a new stake in Pacific Biosciences of California in the fourth quarter worth $34,000.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $1.45 on Friday. The stock’s fifty day moving average is $1.44 and its 200 day moving average is $1.75. Pacific Biosciences of California has a fifty-two week low of $1.01 and a fifty-two week high of $2.73. The firm has a market capitalization of $450.37 million, a PE ratio of -3.37 and a beta of 2.35.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05. Pacific Biosciences of California had a negative return on equity of 571.06% and a negative net margin of 80.35%.The company had revenue of $37.18 million for the quarter, compared to analyst estimates of $39.94 million. Equities analysts forecast that Pacific Biosciences of California will post -0.5 EPS for the current year.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.