Pacific Biosciences of California’s (PACB) Hold Rating Reaffirmed at Cantor Fitzgerald

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Cantor Fitzgerald restated their hold rating on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research report sent to investors on Thursday, TipRanks reports.

PACB has been the subject of several other research reports. BidaskClub downgraded shares of Pacific Biosciences of California from a hold rating to a sell rating in a report on Thursday, March 14th. Stephens downgraded shares of Pacific Biosciences of California from an overweight rating to an equal weight rating and lifted their target price for the stock from $4.50 to $8.00 in a report on Tuesday, April 2nd. Zacks Investment Research raised shares of Pacific Biosciences of California from a sell rating to a hold rating in a report on Tuesday, April 16th. Finally, ValuEngine downgraded shares of Pacific Biosciences of California from a strong-buy rating to a buy rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $6.11.

Shares of PACB stock traded down $0.01 during midday trading on Thursday, hitting $6.65. 1,180 shares of the company were exchanged, compared to its average volume of 1,876,366. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.76 and a beta of 2.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.06 and a current ratio of 2.50. Pacific Biosciences of California has a 52 week low of $3.21 and a 52 week high of $7.84.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Friday, May 3rd. The biotechnology company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $16.43 million for the quarter, compared to the consensus estimate of $21.83 million. Pacific Biosciences of California had a negative return on equity of 102.01% and a negative net margin of 143.62%. Sell-side analysts forecast that Pacific Biosciences of California will post -0.61 EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. American International Group Inc. raised its position in Pacific Biosciences of California by 11.5% in the 4th quarter. American International Group Inc. now owns 90,088 shares of the biotechnology company’s stock worth $667,000 after buying an additional 9,265 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Pacific Biosciences of California by 37.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,580 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 2,628 shares in the last quarter. Teachers Advisors LLC boosted its stake in Pacific Biosciences of California by 8.0% during the third quarter. Teachers Advisors LLC now owns 230,404 shares of the biotechnology company’s stock worth $1,246,000 after buying an additional 17,110 shares during the last quarter. Fairfax Financial Holdings Ltd Can purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter valued at $1,182,000. Finally, ARP Americas LP purchased a new stake in Pacific Biosciences of California during the 4th quarter worth about $7,507,000. 71.51% of the stock is owned by institutional investors and hedge funds.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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