Analysts Set Pacific Biosciences of California (PACB) PT at $6.60

Pacific Biosciences of California (NASDAQ:PACB) has been assigned an average recommendation of “Hold” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $6.60.

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald reiterated a “hold” rating and set a $8.00 price target on shares of Pacific Biosciences of California in a research report on Friday, May 3rd. BidaskClub upgraded shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Stephens cut shares of Pacific Biosciences of California from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $4.50 to $8.00 in a research report on Tuesday, April 2nd. Zacks Investment Research raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Finally, ValuEngine lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 2nd.

Shares of NASDAQ PACB opened at $7.35 on Friday. Pacific Biosciences of California has a 1 year low of $2.37 and a 1 year high of $7.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.23 and a current ratio of 4.90. The stock has a market cap of $1.13 billion, a P/E ratio of -9.67 and a beta of 2.34.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Monday, February 11th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.08). Pacific Biosciences of California had a negative net margin of 130.44% and a negative return on equity of 94.50%. The company had revenue of $19.53 million for the quarter, compared to analysts’ expectations of $21.08 million. As a group, equities analysts predict that Pacific Biosciences of California will post -0.56 EPS for the current fiscal year.

In related news, CFO Susan K. Barnes sold 11,987 shares of the business’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $7.16, for a total transaction of $85,826.92. Following the sale, the chief financial officer now owns 729,407 shares of the company’s stock, valued at $5,222,554.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Hunkapiller sold 13,335 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $7.19, for a total transaction of $95,878.65. Following the completion of the transaction, the chief executive officer now owns 2,388,750 shares in the company, valued at approximately $17,175,112.50. The disclosure for this sale can be found here. Insiders have sold 39,486 shares of company stock worth $283,261 in the last three months. 13.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Hudock Capital Group LLC bought a new position in shares of Pacific Biosciences of California in the fourth quarter worth approximately $29,000. Vanguard Group Inc lifted its stake in shares of Pacific Biosciences of California by 6.4% in the third quarter. Vanguard Group Inc now owns 6,311,846 shares of the biotechnology company’s stock worth $34,148,000 after buying an additional 377,272 shares in the last quarter. Kassirer Asset Management Corp bought a new position in shares of Pacific Biosciences of California in the fourth quarter worth approximately $1,354,000. American International Group Inc. lifted its stake in shares of Pacific Biosciences of California by 11.5% in the fourth quarter. American International Group Inc. now owns 90,088 shares of the biotechnology company’s stock worth $667,000 after buying an additional 9,265 shares in the last quarter. Finally, MetLife Investment Advisors LLC lifted its stake in shares of Pacific Biosciences of California by 53.4% in the third quarter. MetLife Investment Advisors LLC now owns 90,137 shares of the biotechnology company’s stock worth $488,000 after buying an additional 31,390 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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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