Brokerages Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Target Price at $6.38

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned a consensus recommendation of “Moderate Buy” from the fifteen analysts that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $6.38.

Several research firms recently commented on PACB. Sanford C. Bernstein dropped their price target on shares of Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating on the stock in a research report on Thursday, April 18th. Barclays dropped their price target on shares of Pacific Biosciences of California from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, May 10th. TD Cowen dropped their price target on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Piper Sandler dropped their target price on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, May 13th. Finally, Scotiabank dropped their target price on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 18th.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently modified their holdings of the business. ARK Investment Management LLC raised its stake in Pacific Biosciences of California by 15.7% during the fourth quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock worth $338,487,000 after purchasing an additional 4,681,833 shares during the period. Vanguard Group Inc. raised its stake in Pacific Biosciences of California by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock worth $262,806,000 after purchasing an additional 3,514,792 shares during the period. Edmond DE Rothschild Holding S.A. raised its stake in Pacific Biosciences of California by 955.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock worth $39,402,000 after purchasing an additional 9,511,787 shares during the period. Jackson Square Partners LLC raised its stake in Pacific Biosciences of California by 40.0% during the fourth quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company’s stock worth $95,204,000 after purchasing an additional 2,770,901 shares during the period. Finally, Bellevue Group AG raised its stake in Pacific Biosciences of California by 1.0% during the fourth quarter. Bellevue Group AG now owns 7,317,128 shares of the biotechnology company’s stock worth $71,781,000 after purchasing an additional 71,940 shares during the period.

Pacific Biosciences of California Stock Up 12.0 %

NASDAQ:PACB opened at $1.68 on Friday. The firm has a market capitalization of $457.56 million, a P/E ratio of -1.47 and a beta of 2.05. The company has a debt-to-equity ratio of 1.38, a current ratio of 9.28 and a quick ratio of 8.36. The company’s fifty day moving average price is $1.72 and its 200-day moving average price is $3.90. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) EPS for the quarter, meeting the consensus estimate of ($0.26). The company had revenue of $38.81 million for the quarter, compared to analyst estimates of $38.78 million. Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. As a group, equities research analysts anticipate that Pacific Biosciences of California will post -0.91 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.