Pacific Biosciences of California (NASDAQ:PACB) Coverage Initiated by Analysts at UBS Group

Equities researchers at UBS Group assumed coverage on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research note issued on Wednesday. The firm set a “neutral” rating and a $1.35 price target on the biotechnology company’s stock. UBS Group’s price target points to a potential upside of 5.06% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings cut shares of Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 25th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $1.71.

Pacific Biosciences of California Stock Down 2.7%

Shares of NASDAQ PACB traded down $0.04 during mid-day trading on Wednesday, hitting $1.28. 336,582 shares of the company were exchanged, compared to its average volume of 6,611,440. The stock has a 50 day simple moving average of $1.39 and a 200-day simple moving average of $1.43. Pacific Biosciences of California has a 1-year low of $1.07 and a 1-year high of $2.73. The firm has a market cap of $399.42 million, a price-to-earnings ratio of -3.03 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $39.01 million during the quarter, compared to analyst estimates of $42.90 million. Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. Analysts anticipate that Pacific Biosciences of California will post -0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Mark Van Oene sold 26,911 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider directly owned 2,705,853 shares of the company’s stock, valued at approximately $3,057,613.89. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently modified their holdings of PACB. BlackRock Inc. acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter worth approximately $54,330,000. ARK Investment Management LLC raised its holdings in Pacific Biosciences of California by 20.5% during the fourth quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock worth $69,684,000 after purchasing an additional 6,340,125 shares during the last quarter. Millennium Management LLC boosted its position in Pacific Biosciences of California by 500.9% during the third quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock worth $6,293,000 after purchasing an additional 4,098,555 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Pacific Biosciences of California during the fourth quarter worth $7,201,000. Finally, Casdin Capital LLC grew its holdings in Pacific Biosciences of California by 483.6% in the fourth quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after purchasing an additional 3,500,000 shares during the last quarter.

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.