Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.08 Consensus Target Price from Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $2.0833.

Several brokerages have weighed in on PACB. Barclays boosted their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the company an “equal weight” rating in a report on Monday, December 15th. Stephens upped their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd. Finally, Piper Sandler lifted their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th.

Pacific Biosciences of California Trading Down 4.4%

Shares of PACB stock opened at $1.95 on Monday. The company has a market capitalization of $588.72 million, a price-to-earnings ratio of -0.89 and a beta of 2.27. The company has a current ratio of 6.24, a quick ratio of 5.40 and a debt-to-equity ratio of 17.88. The firm has a 50-day moving average price of $2.15 and a 200 day moving average price of $1.76. Pacific Biosciences of California has a twelve month low of $0.85 and a twelve month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The business had revenue of $38.44 million during the quarter, compared to the consensus estimate of $40.25 million. Pacific Biosciences of California had a negative net margin of 325.02% and a negative return on equity of 101.49%. Research analysts forecast that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of PACB. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Pacific Biosciences of California by 47.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 9,739 shares during the last quarter. Koss Olinger Consulting LLC raised its position in shares of Pacific Biosciences of California by 10.0% in the 2nd quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock worth $4,092,000 after buying an additional 300,000 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Pacific Biosciences of California by 148.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 789,271 shares of the biotechnology company’s stock worth $979,000 after buying an additional 471,101 shares during the period. Carret Asset Management LLC acquired a new position in Pacific Biosciences of California in the second quarter valued at $391,000. Finally, Vestmark Advisory Solutions Inc. grew its position in Pacific Biosciences of California by 89.9% during the second quarter. Vestmark Advisory Solutions Inc. now owns 1,294,186 shares of the biotechnology company’s stock valued at $1,605,000 after acquiring an additional 612,760 shares during the period.

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.