Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 3.9%

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares traded down 3.9% during trading on Thursday . The company traded as low as $1.95 and last traded at $1.97. 2,652,146 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 9,875,221 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $2.50 in a research note on Thursday, April 18th. Morgan Stanley cut their price target on shares of Pacific Biosciences of California from $10.00 to $4.00 and set an “equal weight” rating for the company in a report on Wednesday, May 15th. Scotiabank lowered their price objective on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating on the stock in a research note on Thursday, April 18th. Piper Sandler cut their target price on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Finally, Jefferies Financial Group started coverage on shares of Pacific Biosciences of California in a report on Monday, June 3rd. They set a “buy” rating and a $4.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.38.

Pacific Biosciences of California Stock Performance

The firm’s 50-day simple moving average is $1.72 and its two-hundred day simple moving average is $3.66. The stock has a market capitalization of $452.12 million, a PE ratio of -1.46 and a beta of 2.05. The company has a current ratio of 9.28, a quick ratio of 8.36 and a debt-to-equity ratio of 1.38.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.26). The business had revenue of $38.81 million for the quarter, compared to the consensus estimate of $38.78 million. Pacific Biosciences of California had a negative return on equity of 40.26% and a negative net margin of 148.13%. On average, equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of large investors have recently made changes to their positions in PACB. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Pacific Biosciences of California by 955.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock worth $39,402,000 after purchasing an additional 9,511,787 shares during the period. ARK Investment Management LLC boosted its stake in shares of Pacific Biosciences of California by 15.7% during the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock valued at $338,487,000 after buying an additional 4,681,833 shares during the period. Vanguard Group Inc. grew its holdings in shares of Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock valued at $262,806,000 after acquiring an additional 3,514,792 shares in the last quarter. Decheng Capital LLC acquired a new position in shares of Pacific Biosciences of California in the fourth quarter worth $28,845,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Pacific Biosciences of California by 2,201.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company’s stock worth $29,838,000 after acquiring an additional 2,909,439 shares in the last quarter.

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.