Analysts Set Pacific Biosciences of California (NASDAQ:PACB) Target Price at $6.33

Pacific Biosciences of California (NASDAQ:PACB) has received an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $6.00.

A number of brokerages recently weighed in on PACB. BidaskClub raised shares of Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research note on Wednesday, April 22nd. Cantor Fitzgerald began coverage on shares of Pacific Biosciences of California in a research note on Monday, June 1st. They issued a “buy” rating and a $5.00 price target on the stock. Finally, Piper Sandler decreased their price target on shares of Pacific Biosciences of California from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th.

Several hedge funds and other institutional investors have recently made changes to their positions in PACB. State Street Corp increased its holdings in shares of Pacific Biosciences of California by 2.5% during the 3rd quarter. State Street Corp now owns 2,982,010 shares of the biotechnology company’s stock worth $15,387,000 after buying an additional 72,788 shares during the last quarter. Dupont Capital Management Corp increased its holdings in Pacific Biosciences of California by 45.0% in the 4th quarter. Dupont Capital Management Corp now owns 246,216 shares of the biotechnology company’s stock valued at $1,266,000 after purchasing an additional 76,360 shares during the last quarter. California Public Employees Retirement System increased its holdings in Pacific Biosciences of California by 26.4% in the 4th quarter. California Public Employees Retirement System now owns 319,724 shares of the biotechnology company’s stock valued at $1,643,000 after purchasing an additional 66,700 shares during the last quarter. Parallel Advisors LLC increased its holdings in Pacific Biosciences of California by 201.5% in the 4th quarter. Parallel Advisors LLC now owns 10,640 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 7,111 shares during the last quarter. Finally, ARK Investment Management LLC increased its holdings in Pacific Biosciences of California by 99.4% in the 4th quarter. ARK Investment Management LLC now owns 1,509,414 shares of the biotechnology company’s stock valued at $7,758,000 after purchasing an additional 752,617 shares during the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.

PACB traded up $0.27 during midday trading on Monday, hitting $4.03. 1,717,437 shares of the company were exchanged, compared to its average volume of 1,242,821. The company’s 50 day simple moving average is $3.42 and its 200 day simple moving average is $4.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 1.16. Pacific Biosciences of California has a 1-year low of $2.20 and a 1-year high of $6.96.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.05). Pacific Biosciences of California had a negative return on equity of 131.21% and a negative net margin of 58.35%. The firm had revenue of $15.60 million for the quarter, compared to analysts’ expectations of $20.10 million. Research analysts predict that Pacific Biosciences of California will post -0.61 earnings per share for the current year.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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