Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $1.83 Average PT from Analysts

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has been given an average recommendation of “Reduce” by the five analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $1.8333.

Several brokerages have issued reports on PACB. Zacks Research downgraded Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Tuesday, April 21st. Finally, Barclays increased their target price on Pacific Biosciences of California from $1.00 to $1.50 and gave the stock an “underweight” rating in a research note on Monday, May 11th.

Pacific Biosciences of California Stock Down 4.5%

Shares of NASDAQ PACB opened at $1.58 on Thursday. The company’s fifty day moving average is $1.44 and its 200-day moving average is $1.64. The stock has a market cap of $492.30 million, a price-to-earnings ratio of -3.71 and a beta of 2.29. Pacific Biosciences of California has a twelve month low of $1.09 and a twelve month high of $2.73.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. The company had revenue of $37.18 million during the quarter, compared to analyst estimates of $39.94 million. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. On average, research analysts anticipate that Pacific Biosciences of California will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently added to or reduced their stakes in PACB. UBS Group AG lifted its holdings in shares of Pacific Biosciences of California by 111.8% in the fourth quarter. UBS Group AG now owns 3,171,546 shares of the biotechnology company’s stock valued at $5,931,000 after purchasing an additional 1,674,320 shares in the last quarter. Casdin Capital LLC raised its position in Pacific Biosciences of California by 483.6% in the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after buying an additional 3,500,000 shares during the last quarter. Kavar Capital Partners Group LLC bought a new stake in Pacific Biosciences of California in the 1st quarter valued at approximately $123,000. Outlook Wealth Advisors LLC bought a new stake in Pacific Biosciences of California in the 4th quarter valued at approximately $34,000. Finally, ProShare Advisors LLC boosted its position in Pacific Biosciences of California by 10.2% during the 4th quarter. ProShare Advisors LLC now owns 63,799 shares of the biotechnology company’s stock worth $119,000 after acquiring an additional 5,883 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.