Cantor Fitzgerald Reaffirms “Overweight” Rating for Pacific Biosciences of California (NASDAQ:PACB)

Cantor Fitzgerald restated their overweight rating on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research note issued to investors on Thursday morning, Benzinga reports. Cantor Fitzgerald currently has a $3.50 price objective on the biotechnology company’s stock.

A number of other brokerages have also recently weighed in on PACB. StockNews.com raised shares of Pacific Biosciences of California to a sell rating in a research report on Wednesday, June 26th. Piper Sandler reduced their price target 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. JPMorgan Chase & Co. lowered shares of Pacific Biosciences of California from an overweight rating to a neutral rating in a research note on Monday, April 22nd. Morgan Stanley dropped their price objective on shares of Pacific Biosciences of California from $10.00 to $4.00 and set an equal weight rating on the stock in a research note on Wednesday, May 15th. Finally, Scotiabank dropped their price objective 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 note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $4.75.

Pacific Biosciences of California Price Performance

PACB stock traded down $0.08 during midday trading on Thursday, reaching $1.59. 4,188,267 shares of the company’s stock traded hands, compared to its average volume of 11,658,158. The company has a current ratio of 9.28, a quick ratio of 8.36 and a debt-to-equity ratio of 1.38. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $12.23. The business has a 50-day moving average price of $1.68 and a two-hundred day moving average price of $3.03.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.26). The firm had revenue of $38.81 million for the quarter, compared to analysts’ expectations 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, research analysts anticipate that Pacific Biosciences of California will post -0.91 earnings per share for the current year.

Institutional Trading of Pacific Biosciences of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in shares of Pacific Biosciences of California by 67.8% in the fourth quarter. Victory Capital Management Inc. now owns 1,094,724 shares of the biotechnology company’s stock worth $10,739,000 after buying an additional 442,250 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Pacific Biosciences of California by 100.3% in the first quarter. BNP Paribas Financial Markets now owns 1,167,708 shares of the biotechnology company’s stock worth $4,379,000 after purchasing an additional 584,734 shares during the period. First Trust Direct Indexing L.P. acquired a new position in Pacific Biosciences of California in the first quarter worth $98,000. Jackson Square Partners LLC boosted its holdings in Pacific Biosciences of California by 40.0% in 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, Quantbot Technologies LP boosted its holdings in Pacific Biosciences of California by 330.4% in the first quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock worth $333,000 after purchasing an additional 68,195 shares during the period.

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.