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

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $2.20.

A number of research analysts have recently weighed in on PACB shares. Barclays raised their price objective on Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Thursday, January 22nd. Stephens increased their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Zacks Research raised shares of Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 19th.

Pacific Biosciences of California Stock Up 9.2%

Shares of PACB opened at $1.78 on Friday. The business’s 50 day moving average is $1.98 and its 200 day moving average is $1.78. The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. Pacific Biosciences of California has a 12-month low of $0.85 and a 12-month high of $2.73. The company has a market capitalization of $537.40 million, a PE ratio of -0.97 and a beta of 2.27.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.07. Pacific Biosciences of California had a negative net margin of 341.47% and a negative return on equity of 251.75%. The business had revenue of $44.65 million during the quarter, compared to analyst estimates of $44.60 million. Research analysts expect that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Pacific Biosciences of California

In related news, insider Christian O. Henry sold 140,874 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $1.63, for a total value of $229,624.62. Following the completion of the sale, the insider directly owned 2,673,500 shares in the company, valued at $4,357,805. This trade represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Oene Mark Van sold 55,107 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total transaction of $89,824.41. Following the transaction, the insider owned 1,742,638 shares in the company, valued at $2,840,499.94. This trade represents a 3.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 707,731 shares of company stock worth $1,128,762 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zacks Investment Management purchased a new position in shares of Pacific Biosciences of California during the third quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd boosted its holdings in Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 20,478 shares during the period. Russell Investments Group Ltd. bought a new position in Pacific Biosciences of California in the 3rd quarter valued at $29,000. Cim Investment Management Inc. increased its stake in Pacific Biosciences of California by 100.7% in the second quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 12,822 shares during the period. Finally, Outlook Wealth Advisors LLC bought a new stake in shares of Pacific Biosciences of California during the fourth quarter worth $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.