Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $3.00 by Analysts at Barclays

Pacific Biosciences of California (NASDAQ:PACB) had its price objective lowered by Barclays from $8.00 to $3.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

Other research analysts have also issued reports about the stock. Wolfe Research assumed coverage on shares of Pacific Biosciences of California in a research note on Wednesday, December 13th. They issued a peer perform rating on the stock. The Goldman Sachs Group decreased their price target on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a buy rating on the stock in a research note on Wednesday. Stephens began coverage on shares of Pacific Biosciences of California in a research note on Thursday, December 14th. They issued an overweight rating and a $11.00 price target on the stock. UBS Group cut their price objective on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating for the company in a report on Friday, February 16th. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a sell rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $9.78.

Pacific Biosciences of California Trading Down 7.8 %

PACB stock opened at $3.33 on Wednesday. The company’s 50-day simple moving average is $4.77 and its 200-day simple moving average is $6.90. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. Pacific Biosciences of California has a 52-week low of $3.21 and a 52-week high of $14.55. The firm has a market cap of $892.27 million, a P/E ratio of -2.75 and a beta of 1.83.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. The firm had revenue of $58.36 million for the quarter, compared to analyst estimates of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. Pacific Biosciences of California’s quarterly revenue was up 113.3% compared to the same quarter last year. During the same period last year, the company posted ($0.35) EPS. As a group, equities analysts forecast that Pacific Biosciences of California will post -1.01 EPS for the current fiscal year.

Insider Activity at Pacific Biosciences of California

In related news, Director David W. Meline bought 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at $176,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the transaction, the insider now owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Meline purchased 40,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $4.40 per share, with a total value of $176,000.00. Following the transaction, the director now directly owns 40,000 shares in the company, valued at $176,000. The disclosure for this purchase can be found here. In the last quarter, insiders sold 37,359 shares of company stock worth $218,843. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. Fairfield Bush & CO. purchased a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $27,000. Captrust Financial Advisors boosted its position in Pacific Biosciences of California by 217.2% in the 2nd quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 4,220 shares during the period. Comerica Bank purchased a new position in Pacific Biosciences of California in the 3rd quarter valued at approximately $46,000. KBC Group NV purchased a new position in Pacific Biosciences of California in the 4th quarter valued at approximately $53,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in Pacific Biosciences of California in the 3rd quarter valued at approximately $59,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.