Brokerages Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) PT at $1.88

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has earned an average rating of “Hold” from the seven analysts that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $1.90.

Several research firms have recently weighed in on PACB. Stephens reaffirmed an “overweight” rating and set a $1.80 target price on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Wall Street Zen upgraded shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Barclays reduced their price objective on shares of Pacific Biosciences of California from $2.00 to $1.50 and set an “equal weight” rating for the company in a research report on Wednesday, June 25th. Finally, Piper Sandler upped their price objective on shares of Pacific Biosciences of California from $1.25 to $1.50 and gave the stock a “neutral” rating in a research report on Monday, August 11th.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of large investors have recently added to or reduced their stakes in PACB. Softbank Group CORP. purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter worth $37,426,000. Millennium Management LLC grew its holdings in shares of Pacific Biosciences of California by 66.9% during the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company’s stock worth $31,230,000 after buying 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 during the fourth quarter worth $8,962,000. Barclays PLC grew its holdings in shares of Pacific Biosciences of California by 178.9% during the fourth quarter. Barclays PLC now owns 1,660,059 shares of the biotechnology company’s stock worth $3,038,000 after buying an additional 1,064,909 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Pacific Biosciences of California by 6.8% during the first quarter. Vanguard Group Inc. now owns 16,263,464 shares of the biotechnology company’s stock worth $19,191,000 after buying an additional 1,036,606 shares in the last quarter.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.31 on Monday. The company has a debt-to-equity ratio of 10.51, a current ratio of 6.92 and a quick ratio of 6.02. The firm has a market cap of $393.48 million, a price-to-earnings ratio of -0.57 and a beta of 2.17. The company has a 50 day moving average price of $1.37 and a 200-day moving average price of $1.31. Pacific Biosciences of California has a 1-year low of $0.85 and a 1-year high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. The firm had revenue of $39.77 million during the quarter, compared to analyst estimates of $36.35 million. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. Equities research analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current year.

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.