The Goldman Sachs Group Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.50

Pacific Biosciences of California (NASDAQ:PACB) had its target price cut by equities research analysts at The Goldman Sachs Group from $1.75 to $1.50 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target suggests a potential downside of 19.79% from the stock’s current price.

PACB has been the topic of a number of other research reports. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a report on Monday, November 11th. Stephens reissued an “overweight” rating and issued a $2.50 target price on shares of Pacific Biosciences of California in a report on Friday. Scotiabank dropped their target price on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Friday. Finally, Piper Sandler upped their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.83.

Pacific Biosciences of California Stock Performance

NASDAQ PACB traded up $0.02 on Tuesday, reaching $1.87. The stock had a trading volume of 19,673,516 shares, compared to its average volume of 12,667,806. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $6.09. The business’s 50-day moving average price is $1.80 and its 200 day moving average price is $1.79. The stock has a market cap of $512.12 million, a P/E ratio of -1.28 and a beta of 1.92.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). The business had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.71% and a negative net margin of 227.69%. During the same quarter in the previous year, the company posted ($0.27) earnings per share. As a group, equities analysts expect that Pacific Biosciences of California will post -0.91 earnings per share for the current year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the sale, the insider now directly owns 1,597,454 shares in the company, valued at $3,242,831.62. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Institutional Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently made changes to their positions in PACB. Softbank Group CORP. purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $37,426,000. Millennium Management LLC lifted its position in shares of Pacific Biosciences of California by 66.9% in the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company’s stock valued at $31,230,000 after acquiring an additional 6,840,953 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at $8,962,000. ARK Investment Management LLC lifted its position in shares of Pacific Biosciences of California by 7.9% in the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock valued at $65,961,000 after acquiring an additional 2,637,961 shares in the last quarter. Finally, Koss Olinger Consulting LLC lifted its position in shares of Pacific Biosciences of California by 150.0% in the fourth quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $3,660,000 after acquiring an additional 1,200,000 shares in the last quarter.

Pacific Biosciences of California Company Profile

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.