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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has received an average rating of “Reduce” from the five ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $1.8333.

A number of equities research analysts have recently weighed in on the stock. 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. Barclays upped their price target on shares of Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Tuesday, April 21st.

Pacific Biosciences of California Stock Performance

Shares of PACB opened at $1.15 on Wednesday. The firm has a market cap of $357.19 million, a price-to-earnings ratio of -2.67 and a beta of 2.40. Pacific Biosciences of California has a fifty-two week low of $0.85 and a fifty-two week high of $2.73. The firm has a 50 day moving average price of $1.43 and a 200-day moving average price of $1.79.

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 for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $37.18 million during the quarter, compared to analyst estimates of $39.94 million. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. As a group, equities research analysts predict that Pacific Biosciences of California will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. ARK Investment Management LLC increased its position in Pacific Biosciences of California by 20.5% during the 4th quarter. ARK Investment Management LLC now owns 37,264,228 shares of the biotechnology company’s stock valued at $69,684,000 after purchasing an additional 6,340,125 shares during the period. Millennium Management LLC increased its position in Pacific Biosciences of California by 500.9% during the 3rd quarter. Millennium Management LLC now owns 4,916,795 shares of the biotechnology company’s stock valued at $6,293,000 after purchasing an additional 4,098,555 shares during the period. Renaissance Technologies LLC purchased a new position in Pacific Biosciences of California during the 4th quarter valued at $7,201,000. Casdin Capital LLC increased its position in Pacific Biosciences of California by 483.6% during the 4th quarter. Casdin Capital LLC now owns 4,223,767 shares of the biotechnology company’s stock valued at $7,898,000 after purchasing an additional 3,500,000 shares during the period. Finally, UBS Group AG increased its position in Pacific Biosciences of California by 111.8% during the 4th quarter. UBS Group AG now owns 3,171,546 shares of the biotechnology company’s stock valued at $5,931,000 after purchasing an additional 1,674,320 shares during the period.

Pacific Biosciences of California Company Profile

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.