FY2024 EPS Estimates for Pacific Biosciences of California, Inc. Raised by Cantor Fitzgerald (NASDAQ:PACB)

Pacific Biosciences of California, Inc. (NASDAQ:PACB) – Investment analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for shares of Pacific Biosciences of California in a research report issued on Monday, May 13th. Cantor Fitzgerald analyst R. Osborn now anticipates that the biotechnology company will post earnings of ($0.84) per share for the year, up from their prior forecast of ($1.05). The consensus estimate for Pacific Biosciences of California’s current full-year earnings is ($1.00) per share.

A number of other research analysts have also commented on PACB. Scotiabank lowered their price target on Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating for the company in a research report on Thursday, April 18th. JPMorgan Chase & Co. downgraded shares of Pacific Biosciences of California from an “overweight” rating to a “neutral” rating in a research report on Monday, April 22nd. Piper Sandler dropped their target price on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday. TD Cowen reduced their price target on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Finally, Barclays lowered their price objective on shares of Pacific Biosciences of California from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus target price of $7.14.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $2.23 on Wednesday. The company has a current ratio of 9.28, a quick ratio of 8.36 and a debt-to-equity ratio of 1.38. The firm has a market cap of $607.36 million, a P/E ratio of -1.96 and a beta of 1.99. Pacific Biosciences of California has a 1-year low of $1.25 and a 1-year high of $14.55. The firm has a 50-day moving average of $2.84 and a 200-day moving average of $5.85.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). The business had revenue of $38.81 million during the quarter, compared to analysts’ expectations of $38.78 million. Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%.

Insider Buying and Selling at Pacific Biosciences of California

In other news, Director David W. Meline purchased 40,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the acquisition, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Oene Mark Van sold 33,560 shares of Pacific Biosciences of California 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 completion of the sale, the insider now owns 876,611 shares of the company’s stock, valued at $5,224,601.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David W. Meline bought 40,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was purchased at an average cost 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 approximately $176,000. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,359 shares of company stock worth $218,843. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC boosted its stake in shares of Pacific Biosciences of California by 15.7% during the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock worth $338,487,000 after acquiring an additional 4,681,833 shares during the last quarter. Vanguard Group Inc. increased its position in Pacific Biosciences of California by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock worth $262,806,000 after buying an additional 3,514,792 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in shares of Pacific Biosciences of California by 955.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock worth $39,402,000 after buying an additional 9,511,787 shares during the period. Jackson Square Partners LLC raised its stake in shares of Pacific Biosciences of California by 40.0% in the fourth quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company’s stock worth $95,204,000 after buying an additional 2,770,901 shares during the period. Finally, Bellevue Group AG grew its stake in shares of Pacific Biosciences of California by 1.0% during the 4th quarter. Bellevue Group AG now owns 7,317,128 shares of the biotechnology company’s stock valued at $71,781,000 after acquiring an additional 71,940 shares during the period.

About Pacific Biosciences of California

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.