Pacific Biosciences of California (NASDAQ:PACB) Stock Rating Lowered by The Goldman Sachs Group

The Goldman Sachs Group lowered shares of Pacific Biosciences of California (NASDAQ:PACB) from a buy rating to a neutral rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $2.50 price target on the biotechnology company’s stock, down from their previous price target of $7.00.

Other research analysts also recently issued reports about the company. StockNews.com upgraded Pacific Biosciences of California to a sell rating in a research note on Wednesday, April 17th. Barclays reduced their price objective on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating for the company in a research report on Wednesday, April 10th. TD Cowen cut their target price on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating for the company in a research note on Wednesday, April 17th. Scotiabank reduced their target price on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a sector outperform rating for the company in a report on Thursday. Finally, UBS Group lowered their price target on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $7.77.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.55 on Thursday. The company has a market cap of $415.32 million, a price-to-earnings ratio of -1.28 and a beta of 1.83. The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27. The company’s fifty day simple moving average is $4.15 and its 200 day simple moving average is $6.59. Pacific Biosciences of California has a 1-year low of $1.25 and a 1-year high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.02. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The company had revenue of $58.36 million for the quarter, compared to analyst estimates of $57.96 million. During the same period in the previous year, the business earned ($0.35) EPS. Pacific Biosciences of California’s revenue for the quarter was up 113.3% compared to the same quarter last year. On average, research analysts forecast that Pacific Biosciences of California will post -1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pacific Biosciences of California news, Director David W. Meline bought 40,000 shares of Pacific Biosciences of California stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now owns 40,000 shares in the company, valued at approximately $176,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Oene Mark Van sold 33,560 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the transaction, the insider now directly owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The disclosure for this sale can be found here. Insiders have sold a total of 37,359 shares of company stock worth $218,843 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in shares of Pacific Biosciences of California by 280.2% during the first quarter. JPMorgan Chase & Co. now owns 1,015,819 shares of the biotechnology company’s stock worth $9,244,000 after purchasing an additional 748,630 shares during the last quarter. US Bancorp DE grew its holdings in Pacific Biosciences of California by 10.6% during the 1st quarter. US Bancorp DE now owns 25,761 shares of the biotechnology company’s stock worth $234,000 after acquiring an additional 2,469 shares during the last quarter. AlphaCrest Capital Management LLC bought a new position in shares of Pacific Biosciences of California during the first quarter valued at $286,000. MetLife Investment Management LLC lifted its holdings in shares of Pacific Biosciences of California by 50.1% during the first quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock worth $946,000 after purchasing an additional 34,699 shares during the period. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Pacific Biosciences of California by 25.8% during the first quarter. Vontobel Holding Ltd. now owns 115,645 shares of the biotechnology company’s stock worth $1,116,000 after purchasing an additional 23,693 shares during the period.

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.