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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has earned a consensus rating of “Reduce” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $1.8333.

A number of brokerages have weighed in on PACB. Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Friday, July 17th. Zacks Research lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Barclays boosted their price objective on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research report on Monday, May 11th.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Essential Partners LLC acquired a new stake in shares of Pacific Biosciences of California during the 1st quarter worth approximately $25,000. Zacks Investment Management bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd boosted its position in Pacific Biosciences of California by 891.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 20,478 shares during the period. Russell Investments Group Ltd. acquired a new position in Pacific Biosciences of California during the 3rd quarter valued at approximately $29,000. Finally, Outlook Wealth Advisors LLC bought a new position in Pacific Biosciences of California during the 4th quarter worth $34,000.

Pacific Biosciences of California Stock Performance

PACB stock opened at $1.36 on Monday. The firm has a market cap of $422.42 million, a P/E ratio of -3.16 and a beta of 2.29. Pacific Biosciences of California has a 12-month low of $1.09 and a 12-month high of $2.73. The stock’s 50 day simple moving average is $1.44 and its 200 day simple moving average is $1.60.

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