Pacific Biosciences of California (NASDAQ:PACB) Price Target Lowered to $14.00 at Canaccord Genuity Group

Pacific Biosciences of California (NASDAQ:PACBGet Rating) had its price objective trimmed by Canaccord Genuity Group from $17.00 to $14.00 in a research report report published on Friday morning, The Fly reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other brokerages also recently commented on PACB. Piper Sandler cut their price objective on shares of Pacific Biosciences of California from $13.00 to $6.00 and set a na rating for the company in a research report on Sunday, May 15th. Cantor Fitzgerald cut their price target on shares of Pacific Biosciences of California from $23.00 to $19.00 in a report on Thursday, May 5th. Finally, Cowen set a $9.00 target price on shares of Pacific Biosciences of California in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California has an average rating of Moderate Buy and a consensus target price of $22.17.

Pacific Biosciences of California Trading Up 4.3 %

Shares of Pacific Biosciences of California stock opened at $6.06 on Friday. The company has a fifty day simple moving average of $4.80 and a 200-day simple moving average of $7.51. Pacific Biosciences of California has a 12-month low of $3.85 and a 12-month high of $34.95. The company has a debt-to-equity ratio of 1.22, a quick ratio of 16.38 and a current ratio of 16.87.

Pacific Biosciences of California (NASDAQ:PACBGet Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.02. Pacific Biosciences of California had a negative net margin of 147.39% and a negative return on equity of 34.55%. During the same quarter in the previous year, the company posted ($0.21) earnings per share. As a group, equities analysts expect that Pacific Biosciences of California will post -1.38 earnings per share for the current year.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ieq Capital LLC acquired a new position in shares of Pacific Biosciences of California during the first quarter valued at $104,000. Invesco Ltd. boosted its holdings in shares of Pacific Biosciences of California by 3,355.2% during the fourth quarter. Invesco Ltd. now owns 3,195,790 shares of the biotechnology company’s stock valued at $65,386,000 after acquiring an additional 3,103,297 shares during the period. IHT Wealth Management LLC boosted its holdings in shares of Pacific Biosciences of California by 39.8% during the fourth quarter. IHT Wealth Management LLC now owns 17,700 shares of the biotechnology company’s stock valued at $362,000 after acquiring an additional 5,039 shares during the period. Vienna Asset Management LLC acquired a new position in shares of Pacific Biosciences of California during the fourth quarter valued at $151,000. Finally, TFC Financial Management boosted its holdings in shares of Pacific Biosciences of California by 714.3% during the fourth quarter. TFC Financial Management now owns 1,425 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 1,250 shares during the period. Institutional investors own 96.72% of the company’s stock.

Pacific Biosciences of California Company Profile

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Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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