Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives Consensus Rating of “Reduce” from Analysts

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has earned an average recommendation of “Reduce” from the five analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $1.8333.

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

Pacific Biosciences of California Stock Up 3.6%

PACB stock opened at $1.74 on Thursday. Pacific Biosciences of California has a 52 week low of $1.09 and a 52 week high of $2.73. The business has a 50-day simple moving average of $1.44 and a 200 day simple moving average of $1.65. The company has a market cap of $540.44 million, a PE ratio of -4.05 and a beta of 2.29.

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

Institutional Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently modified their holdings of PACB. Essential Partners LLC acquired a new stake in Pacific Biosciences of California in the first quarter valued at about $25,000. Zacks Investment Management acquired a new position in Pacific Biosciences of California during the third quarter worth about $25,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of 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 acquiring an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Pacific Biosciences of California in the third quarter worth about $29,000. Finally, Outlook Wealth Advisors LLC acquired a new stake in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $34,000.

About Pacific Biosciences of California

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.