Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $7.77 Average Target Price from Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned an average recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $7.77.

Several equities analysts have recently issued reports on PACB shares. UBS Group decreased their price objective on Pacific Biosciences of California from $12.50 to $12.00 and set a “buy” rating for the company in a report on Friday, February 16th. TD Cowen decreased their price objective on Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating for the company in a report on Wednesday, April 17th. Sanford C. Bernstein decreased their price objective on Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating for the company in a report on Thursday, April 18th. JPMorgan Chase & Co. cut Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a report on Monday, April 22nd. Finally, Scotiabank reduced their price target on Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating for the company in a report on Thursday, April 18th.

Insider Activity

In other news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Oene Mark Van sold 33,560 shares of Pacific Biosciences of California stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David W. Meline acquired 40,000 shares of Pacific Biosciences of California stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $176,000. The disclosure for this purchase can be found here. Insiders have sold a total of 37,359 shares of company stock worth $218,843 over the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors have recently added to or reduced their stakes in the stock. Interchange Capital Partners LLC lifted its position in Pacific Biosciences of California by 11.9% during the fourth quarter. Interchange Capital Partners LLC now owns 18,709 shares of the biotechnology company’s stock worth $184,000 after buying an additional 1,991 shares in the last quarter. Private Advisor Group LLC raised its position in Pacific Biosciences of California by 11.4% in the third quarter. Private Advisor Group LLC now owns 19,740 shares of the biotechnology company’s stock valued at $165,000 after purchasing an additional 2,027 shares during the period. AtonRa Partners raised its position in Pacific Biosciences of California by 4.0% in the third quarter. AtonRa Partners now owns 65,082 shares of the biotechnology company’s stock valued at $543,000 after purchasing an additional 2,504 shares during the period. BNP Paribas Financial Markets raised its position in Pacific Biosciences of California by 0.5% in the fourth quarter. BNP Paribas Financial Markets now owns 582,974 shares of the biotechnology company’s stock valued at $5,719,000 after purchasing an additional 2,832 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its position in Pacific Biosciences of California by 18.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,227 shares of the biotechnology company’s stock valued at $169,000 after purchasing an additional 3,149 shares during the period.

Pacific Biosciences of California Stock Performance

Shares of PACB stock opened at $1.47 on Tuesday. The stock has a market cap of $393.89 million, a PE ratio of -1.21 and a beta of 1.83. The business has a 50-day simple moving average of $3.66 and a 200-day simple moving average of $6.36. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. Pacific Biosciences of California has a 52-week low of $1.25 and a 52-week high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. The business had revenue of $58.36 million during the quarter, compared to analysts’ expectations of $57.96 million. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The company’s revenue for the quarter was up 113.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) EPS. On average, equities analysts expect that Pacific Biosciences of California will post -1 EPS for the current year.

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.