Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.8% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price fell 6.8% on Friday . The company traded as low as $1.72 and last traded at $1.7150. 4,119,396 shares traded hands during trading, a decline of 49% from the average session volume of 8,072,866 shares. The stock had previously closed at $1.84.

Analysts Set New Price Targets

A number of research analysts recently commented on PACB shares. Piper Sandler boosted their price target on 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. Stephens raised their target price on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Barclays boosted their target price on shares of 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. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Stock Down 10.1%

The firm’s fifty day moving average is $2.09 and its 200-day moving average is $1.77. The company has a market capitalization of $499.66 million, a P/E ratio of -0.76 and a beta of 2.27. The company has a debt-to-equity ratio of 17.88, a quick ratio of 5.40 and a current ratio of 6.24.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.07. The firm had revenue of $44.65 million for the quarter, compared to analyst estimates of $44.60 million. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. As a group, equities research analysts predict that Pacific Biosciences of California, Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently bought and sold shares of the company. Outlook Wealth Advisors LLC bought a new stake in shares of Pacific Biosciences of California during the fourth quarter worth about $34,000. Cibc World Markets Corp bought a new stake in Pacific Biosciences of California during the 4th quarter worth approximately $34,000. Zacks Investment Management acquired a new position in Pacific Biosciences of California in the 3rd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd increased its position in Pacific Biosciences of California by 891.1% in 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. Finally, Russell Investments Group Ltd. bought a new position in shares of Pacific Biosciences of California during the third quarter valued at $29,000.

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.