Pacific Biosciences of California’s (PACB) Underweight Rating Reiterated at Barclays

Pacific Biosciences of California (NASDAQ:PACB)‘s stock had its “underweight” rating reissued by Barclays in a research note issued on Friday. They currently have a $1.50 target price on the biotechnology company’s stock. Barclays‘s price objective would suggest a potential downside of 1.32% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Stephens increased their price objective on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pacific Biosciences of California in a research note on Thursday, January 22nd. Piper Sandler lifted their price target on Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Zacks Research upgraded Pacific Biosciences of California from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.10.

Pacific Biosciences of California Trading Down 2.6%

NASDAQ PACB opened at $1.52 on Friday. Pacific Biosciences of California has a one year low of $0.85 and a one year high of $2.73. The company has a debt-to-equity ratio of 120.65, a current ratio of 5.15 and a quick ratio of 4.47. The firm has a market cap of $459.04 million, a P/E ratio of -0.83 and a beta of 2.31. The stock’s 50-day moving average is $1.95 and its 200-day moving average is $1.80.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, February 12th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.07. The business had revenue of $44.65 million during the quarter, compared to analysts’ expectations of $44.60 million. Pacific Biosciences of California had a negative return on equity of 326.43% and a negative net margin of 341.47%. Sell-side analysts anticipate that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Christian O. Henry sold 140,874 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total transaction of $229,624.62. Following the sale, the insider directly owned 2,673,500 shares of the company’s stock, valued at $4,357,805. The trade was a 5.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Oene Mark Van sold 55,107 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $1.63, for a total transaction of $89,824.41. Following the transaction, the insider owned 1,742,638 shares of the company’s stock, valued at approximately $2,840,499.94. This represents a 3.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 729,711 shares of company stock worth $1,161,951. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vestmark Advisory Solutions Inc. increased its position in Pacific Biosciences of California by 89.9% during the second quarter. Vestmark Advisory Solutions Inc. now owns 1,294,186 shares of the biotechnology company’s stock worth $1,605,000 after buying an additional 612,760 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Pacific Biosciences of California by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after acquiring an additional 401,637 shares during the period. Creative Planning boosted its stake in shares of Pacific Biosciences of California by 245.9% during the 2nd quarter. Creative Planning now owns 175,690 shares of the biotechnology company’s stock worth $218,000 after acquiring an additional 124,893 shares during the period. Cetera Investment Advisers boosted its stake in shares of Pacific Biosciences of California by 10.1% during the 2nd quarter. Cetera Investment Advisers now owns 104,725 shares of the biotechnology company’s stock worth $130,000 after acquiring an additional 9,617 shares during the period. Finally, Prudential Financial Inc. increased its holdings in shares of Pacific Biosciences of California by 73.0% during the 2nd quarter. Prudential Financial Inc. now owns 35,684 shares of the biotechnology company’s stock worth $44,000 after acquiring an additional 15,062 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.