Pacific Biosciences of California (NASDAQ:PACB) Price Target Raised to $2.00

Pacific Biosciences of California (NASDAQ:PACB) had its price objective raised by Piper Sandler from $1.50 to $2.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

A number of other research analysts have also weighed in on PACB. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Finally, Stephens increased their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.00.

Pacific Biosciences of California Trading Down 6.3%

NASDAQ PACB opened at $1.63 on Tuesday. The company has a quick ratio of 6.02, a current ratio of 6.92 and a debt-to-equity ratio of 10.51. The stock has a market capitalization of $492.11 million, a P/E ratio of -0.71 and a beta of 2.30. Pacific Biosciences of California has a 52-week low of $0.85 and a 52-week high of $2.46. The firm has a 50-day moving average price of $1.58 and a 200 day moving average price of $1.37.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings data on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share for the quarter. The business had revenue of $3.34 million during the quarter. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. Equities research analysts expect that Pacific Biosciences of California will post -0.72 EPS for the current year.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently made changes to their positions in the business. ARK Investment Management LLC increased its holdings in Pacific Biosciences of California by 1.2% during the 1st quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company’s stock valued at $43,045,000 after acquiring an additional 434,079 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Pacific Biosciences of California by 2.4% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 21,855,180 shares of the biotechnology company’s stock valued at $25,789,000 after purchasing an additional 508,700 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Pacific Biosciences of California by 2.3% in the third quarter. Vanguard Group Inc. now owns 16,379,972 shares of the biotechnology company’s stock valued at $20,966,000 after purchasing an additional 362,797 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Pacific Biosciences of California by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,718,879 shares of the biotechnology company’s stock worth $8,333,000 after purchasing an additional 401,637 shares in the last quarter. Finally, Koss Olinger Consulting LLC increased its stake in shares of Pacific Biosciences of California by 10.0% during the 2nd quarter. Koss Olinger Consulting LLC now owns 3,300,000 shares of the biotechnology company’s stock worth $4,092,000 after purchasing an additional 300,000 shares in the last quarter.

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.