Pacific Biosciences of California Inc. (NASDAQ:PACB) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Pacific Biosciences of California Inc. (NASDAQ:PACB) have earned a consensus recommendation of “Buy” from the ten research firms that are covering the stock. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $12.85.
Several equities analysts have weighed in on the company. Zacks Investment Research upgraded Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $9.75 target price on the stock in a report on Tuesday, August 9th. CL King assumed coverage on Pacific Biosciences of California in a report on Monday, June 27th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald restated a “buy” rating and set a $18.00 target price on shares of Pacific Biosciences of California in a report on Wednesday, June 29th.
In other news, SVP James Michael Phillips sold 20,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $8.45, for a total value of $169,000.00. Following the sale, the senior vice president now directly owns 198,949 shares of the company’s stock, valued at $1,681,119.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 19.80% of the stock is owned by insiders.
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A number of large investors have recently added to or reduced their stakes in PACB. Bridger Management LLC purchased a new stake in Pacific Biosciences of California during the first quarter worth $34,823,000. Lord Abbett & CO. LLC increased its stake in Pacific Biosciences of California by 68.6% in the second quarter. Lord Abbett & CO. LLC now owns 6,167,093 shares of the company’s stock worth $43,385,000 after buying an additional 2,510,152 shares during the period. Capital World Investors increased its stake in Pacific Biosciences of California by 1,021.2% in the second quarter. Capital World Investors now owns 980,000 shares of the company’s stock worth $6,894,000 after buying an additional 892,593 shares during the period. Teachers Advisors Inc. increased its stake in Pacific Biosciences of California by 560.9% in the first quarter. Teachers Advisors Inc. now owns 581,959 shares of the company’s stock worth $4,947,000 after buying an additional 493,907 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Pacific Biosciences of California by 80.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the company’s stock worth $7,650,000 after buying an additional 400,000 shares during the period. 66.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pacific Biosciences of California (NASDAQ:PACB) traded down 1.89% during mid-day trading on Friday, reaching $8.84. The company’s stock had a trading volume of 217,734 shares. Pacific Biosciences of California has a 12 month low of $6.76 and a 12 month high of $14.00. The stock’s market capitalization is $812.18 million. The company has a 50 day moving average price of $8.72 and a 200 day moving average price of $8.73.
Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.01. Pacific Biosciences of California had a negative return on equity of 77.61% and a negative net margin of 41.57%. The business earned $20.70 million during the quarter, compared to analyst estimates of $20.19 million. During the same period last year, the company earned ($0.16) earnings per share. Pacific Biosciences of California’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, equities research analysts anticipate that Pacific Biosciences of California will post ($0.85) earnings per share for the current fiscal year.
About Pacific Biosciences of California
Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company’s Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System.
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