Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.79 Consensus Price Target from Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $2.79.

PACB has been the subject of several recent analyst reports. Stephens reiterated an “overweight” rating and issued a $2.50 price objective on shares of Pacific Biosciences of California in a report on Friday, February 14th. The Goldman Sachs Group decreased their price objective on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $2.00 price objective (down from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th.

Insider Buying and Selling

In related news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the transaction, the insider now owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michele Farmer sold 24,349 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the transaction, the insider now directly owns 187,592 shares of the company’s stock, valued at $352,672.96. This represents a 11.49 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Hedge Funds 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. Softbank Group CORP. acquired a new position in Pacific Biosciences of California in the 4th quarter worth approximately $37,426,000. Millennium Management LLC boosted its stake in Pacific Biosciences of California by 66.9% in the 4th quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company’s stock worth $31,230,000 after purchasing an additional 6,840,953 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in Pacific Biosciences of California in the 4th quarter worth approximately $8,962,000. ARK Investment Management LLC lifted its position in Pacific Biosciences of California by 7.9% in the 4th quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock worth $65,961,000 after buying an additional 2,637,961 shares in the last quarter. Finally, Koss Olinger Consulting LLC lifted its position in Pacific Biosciences of California by 150.0% in the 4th quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $3,660,000 after buying an additional 1,200,000 shares in the last quarter.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.26 on Friday. The firm’s 50 day moving average is $1.54 and its two-hundred day moving average is $1.77. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $4.10. The firm has a market capitalization of $375.29 million, a P/E ratio of -0.77 and a beta of 1.86. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. The company had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. During the same quarter last year, the business earned ($0.27) earnings per share. Analysts anticipate that Pacific Biosciences of California will post -0.72 earnings per share for the current year.

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.