Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.20 Average Price Target from Brokerages

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $2.20.

A number of brokerages have recently issued reports on PACB. Piper Sandler increased their target price on Pacific Biosciences of California from $1.50 to $2.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Stephens boosted their target price on Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Barclays lifted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Zacks Research upgraded Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Thursday, January 22nd.

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Christian O. Henry sold 331,793 shares of Pacific Biosciences of California stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.58, for a total transaction of $524,232.94. Following the transaction, the insider directly owned 2,814,374 shares of the company’s stock, valued at $4,446,710.92. The trade was a 10.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michele Farmer sold 35,215 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.58, for a total transaction of $55,639.70. Following the sale, the insider owned 234,044 shares of the company’s stock, valued at approximately $369,789.52. This represents a 13.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 707,731 shares of company stock worth $1,128,762 in the last quarter. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Outlook Wealth Advisors LLC acquired a new stake in Pacific Biosciences of California in the fourth quarter valued at $34,000. Cibc World Markets Corp acquired a new stake in Pacific Biosciences of California during the fourth quarter valued at approximately $34,000. Zacks Investment Management bought a new position in Pacific Biosciences of California during the 3rd quarter worth approximately $25,000. Mercer Global Advisors Inc. ADV grew its position in shares of Pacific Biosciences of California by 47.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 6,695 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of Pacific Biosciences of California in the 4th quarter worth approximately $40,000.

Pacific Biosciences of California Stock Down 6.2%

PACB opened at $1.52 on Friday. Pacific Biosciences of California has a 52 week low of $0.85 and a 52 week high of $2.73. The business has a 50 day moving average price of $1.97 and a two-hundred day moving average price of $1.80. The company has a quick ratio of 4.47, a current ratio of 5.15 and a debt-to-equity ratio of 120.65. The company has a market cap of $459.04 million, a PE ratio of -0.83 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.07. The company had revenue of $44.65 million for the quarter, compared to the consensus estimate of $44.60 million. Pacific Biosciences of California had a negative return on equity of 326.43% and a negative net margin of 341.47%. As a group, research analysts anticipate that Pacific Biosciences of California will post -0.72 EPS for the current year.

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.