Pacific Biosciences of California (PACB) Receives $4.90 Consensus Price Target from Analysts

Pacific Biosciences of California (NASDAQ:PACB) has earned an average recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $4.90.

A number of equities research analysts have recently issued reports on PACB shares. BidaskClub lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 18th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $3.80 target price on shares of Pacific Biosciences of California in a report on Friday, August 3rd. ValuEngine raised shares of Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd. Finally, Zacks Investment Research raised shares of Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $4.25 target price for the company in a report on Tuesday, July 24th.

NASDAQ PACB traded up $0.40 on Friday, hitting $5.55. The company had a trading volume of 2,834,700 shares, compared to its average volume of 1,014,585. The firm has a market cap of $653.11 million, a PE ratio of -6.38 and a beta of 2.26. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.28 and a current ratio of 4.33. Pacific Biosciences of California has a 12-month low of $2.02 and a 12-month high of $5.82.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). The company had revenue of $21.58 million during the quarter, compared to analyst estimates of $24.45 million. Pacific Biosciences of California had a negative net margin of 100.09% and a negative return on equity of 95.29%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) EPS. equities analysts predict that Pacific Biosciences of California will post -0.67 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp boosted its position in shares of Pacific Biosciences of California by 10.6% during the 2nd quarter. Northern Trust Corp now owns 1,463,230 shares of the biotechnology company’s stock valued at $5,195,000 after acquiring an additional 140,090 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Pacific Biosciences of California by 11.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 487,890 shares of the biotechnology company’s stock valued at $1,732,000 after acquiring an additional 50,699 shares during the last quarter. Millennium Management LLC boosted its position in shares of Pacific Biosciences of California by 18.9% during the 2nd quarter. Millennium Management LLC now owns 344,194 shares of the biotechnology company’s stock valued at $1,222,000 after acquiring an additional 54,671 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Pacific Biosciences of California by 38.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,900,000 shares of the biotechnology company’s stock valued at $10,295,000 after acquiring an additional 800,000 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Pacific Biosciences of California by 9.7% during the 2nd quarter. BlackRock Inc. now owns 9,642,174 shares of the biotechnology company’s stock valued at $34,230,000 after acquiring an additional 849,435 shares during the last quarter. 70.59% of the stock is owned by institutional investors and hedge funds.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc engages in the research, development, and manufacture of sequencing systems for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific (including the Middle East). The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.

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