Pacific Biosciences of California, Inc. (NASDAQ:PACB) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given a consensus recommendation of “Buy” by the six ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $42.50.

A number of analysts have issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Pacific Biosciences of California in a research report on Friday, July 9th. Morgan Stanley decreased their target price on shares of Pacific Biosciences of California from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 4th. Finally, Canaccord Genuity initiated coverage on shares of Pacific Biosciences of California in a research report on Monday, September 27th. They issued a “buy” rating and a $45.00 price objective for the company.

Shares of NASDAQ PACB traded up $0.46 during midday trading on Friday, hitting $24.53. The company’s stock had a trading volume of 182,491 shares, compared to its average volume of 3,112,567. The business’s 50 day moving average is $28.23 and its two-hundred day moving average is $29.15. The firm has a market cap of $4.89 billion, a P/E ratio of -55.98 and a beta of 1.06. Pacific Biosciences of California has a 12-month low of $11.22 and a 12-month high of $53.69. The company has a current ratio of 26.17, a quick ratio of 25.78 and a debt-to-equity ratio of 3.47.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Monday, August 2nd. The biotechnology company reported ($0.21) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.21). The company had revenue of $30.61 million during the quarter, compared to analysts’ expectations of $30.46 million. Pacific Biosciences of California had a negative return on equity of 40.90% and a negative net margin of 72.96%. On average, analysts predict that Pacific Biosciences of California will post -0.85 earnings per share for the current fiscal year.

In related news, CFO Susan G. Kim sold 20,272 shares of the stock in a transaction dated Wednesday, September 29th. The shares were sold at an average price of $25.75, for a total transaction of $522,004.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Credit Agricole S A bought a new stake in shares of Pacific Biosciences of California in the second quarter valued at about $29,000. Itau Unibanco Holding S.A. bought a new stake in Pacific Biosciences of California in the second quarter valued at approximately $30,000. Eaton Vance Management bought a new position in shares of Pacific Biosciences of California during the 1st quarter worth approximately $40,000. Advisory Services Network LLC bought a new position in shares of Pacific Biosciences of California during the 2nd quarter worth approximately $52,000. Finally, Captrust Financial Advisors bought a new position in shares of Pacific Biosciences of California in the 1st quarter worth $88,000. Institutional investors own 85.86% of the company’s stock.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc engages in the development, manufacture and sale of an integrated platform for genetic analysis. The firm’s products and services include PacBio sequel system, consumables, analytical software and single molecule real-time (SMRT) compatible products. It operates through the following geographical segments: North America, Europe and Asia Pacific.

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