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

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have received an average rating of “Reduce” from the five ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $1.8333.

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

Institutional Trading of Pacific Biosciences of California

Several hedge funds have recently modified their holdings of PACB. Essential Partners LLC purchased a new stake in Pacific Biosciences of California during the 1st quarter valued at $25,000. Zacks Investment Management purchased a new stake in Pacific Biosciences of California during the 3rd quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised 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 buying an additional 20,478 shares during the period. Russell Investments Group Ltd. purchased a new stake in Pacific Biosciences of California during the 3rd quarter valued at $29,000. Finally, Outlook Wealth Advisors LLC purchased a new stake in Pacific Biosciences of California during the 4th quarter valued at $34,000.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.45 on Friday. The stock has a market capitalization of $450.37 million, a price-to-earnings ratio of -3.37 and a beta of 2.35. Pacific Biosciences of California has a 1 year low of $1.01 and a 1 year high of $2.73. The business’s 50 day simple moving average is $1.44 and its 200-day simple moving average is $1.75.

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