Pacific Biosciences of California (NASDAQ:PACB) PT Lowered to $8.00

Pacific Biosciences of California (NASDAQ:PACB) had its target price dropped by equities researchers at Scotiabank from $15.00 to $8.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price objective would indicate a potential upside of 416.13% from the stock’s current price.

Several other brokerages also recently issued reports on PACB. UBS Group reduced their price objective on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. TD Cowen reduced their price objective on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a research note on Wednesday. The Goldman Sachs Group reduced their price objective on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Wednesday. Finally, Barclays cut their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $7.77.

Pacific Biosciences of California Trading Up 6.2 %

Shares of NASDAQ PACB opened at $1.55 on Thursday. Pacific Biosciences of California has a 12-month low of $1.25 and a 12-month high of $14.55. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. The firm’s 50-day moving average is $4.15 and its two-hundred day moving average is $6.61.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. The company had revenue of $58.36 million for the quarter, compared to the consensus estimate of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The company’s revenue for the quarter was up 113.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. Research analysts anticipate that Pacific Biosciences of California will post -1.01 EPS for the current year.

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, Director David W. Meline acquired 40,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David W. Meline purchased 40,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $4.40 per share, with a total value of $176,000.00. Following the completion of the acquisition, the director now owns 40,000 shares in the company, valued at approximately $176,000. The disclosure for this purchase can be found here. Insiders sold 37,359 shares of company stock valued at $218,843 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of large investors have recently added to or reduced their stakes in PACB. Captrust Financial Advisors grew its holdings in Pacific Biosciences of California by 217.2% during the 2nd quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 4,220 shares in the last quarter. Fairfield Bush & CO. acquired a new position in Pacific Biosciences of California during the 2nd quarter worth $27,000. Comerica Bank acquired a new position in Pacific Biosciences of California during the 3rd quarter worth $46,000. KBC Group NV acquired a new position in Pacific Biosciences of California during the 4th quarter worth $53,000. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Pacific Biosciences of California during the 3rd quarter worth $59,000.

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.