Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives Average Rating of “Reduce” from Analysts

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

A number of equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Pacific Biosciences of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Pacific Biosciences of California from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, Barclays lifted their target price on shares of 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.

Insider Activity

In other news, insider Oene Mark Van sold 26,911 shares of Pacific Biosciences of California stock in a transaction on Monday, August 17th. The stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the sale, the insider owned 2,705,853 shares of the company’s stock, valued at $3,057,613.89. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.70% of the stock is owned by company insiders.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds have recently added to or reduced their stakes in the business. Essential Partners LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter valued at about $25,000. Zacks Investment Management purchased a new position in shares of Pacific Biosciences of California during the 3rd quarter worth about $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pacific Biosciences of California by 891.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 20,478 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Pacific Biosciences of California in the third quarter worth approximately $29,000. Finally, Corient Private Wealth LP purchased a new stake in Pacific Biosciences of California in the second quarter valued at approximately $30,000.

Pacific Biosciences of California Trading Down 3.1%

Pacific Biosciences of California stock opened at $1.23 on Friday. The stock has a 50-day moving average price of $1.41 and a 200 day moving average price of $1.46. Pacific Biosciences of California has a 52 week low of $1.07 and a 52 week high of $2.73. The stock has a market cap of $382.32 million, a PE ratio of -2.86 and a beta of 2.31.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. The firm had revenue of $39.01 million during the quarter, compared to analysts’ expectations of $42.90 million. On average, equities analysts predict that Pacific Biosciences of California will post -0.52 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.