Pacific Biosciences of California (NASDAQ:PACB) Earns Overweight Rating from Stephens

Pacific Biosciences of California (NASDAQ:PACB)‘s stock had its “overweight” rating reissued by Stephens in a report issued on Friday,Benzinga reports. They currently have a $2.50 price objective on the biotechnology company’s stock. Stephens’ target price indicates a potential upside of 35.14% from the company’s current price.

A number of other research firms also recently weighed in on PACB. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research note on Monday, November 11th. The Goldman Sachs Group lowered their price target on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Scotiabank reduced their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research note on Monday, November 11th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. Finally, Piper Sandler lifted their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Hold” and an average price target of $2.85.

Pacific Biosciences of California Stock Performance

Shares of PACB opened at $1.85 on Friday. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $6.83. The stock has a market capitalization of $506.64 million, a P/E ratio of -1.27 and a beta of 1.92. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The company’s fifty day moving average is $1.80 and its two-hundred day moving average is $1.79.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $39.22 million during the quarter, compared to analysts’ expectations of $39.20 million. Pacific Biosciences of California had a negative net margin of 227.69% and a negative return on equity of 42.71%. During the same period in the prior year, the company posted ($0.27) earnings per share. On average, sell-side analysts predict that Pacific Biosciences of California will post -0.91 earnings per share for the current year.

Insider Transactions at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. PCA Investment Advisory Services Inc. grew its stake in shares of Pacific Biosciences of California by 50.0% in the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 5,000 shares in the last quarter. Atom Investors LP purchased a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $30,000. Atria Investments Inc raised its stake in shares of Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 10,138 shares during the period. Centiva Capital LP acquired a new position in shares of Pacific Biosciences of California during the third quarter worth $40,000. Finally, First Trust Advisors LP purchased a new position in shares of Pacific Biosciences of California in the fourth quarter valued at $42,000.

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.