Research Analysts Offer Predictions for PACB FY2024 Earnings

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Free Report) - Research analysts at Cantor Fitzgerald cut their FY2024 earnings per share estimates for shares of Pacific Biosciences of California in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst R. Osborn now expects that the biotechnology company will post earnings per share of ($1.31) for the year, down from their prior estimate of ($1.27). Cantor Fitzgerald currently has a "Overweight" rating and a $3.50 price target on the stock. The consensus estimate for Pacific Biosciences of California's current full-year earnings is ($0.91) per share.

PACB has been the topic of several other research reports. UBS Group lowered Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target on the stock. in a research note on Monday, November 11th. Scotiabank decreased their price target on Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating on the stock in a research note on Monday, November 11th. Piper Sandler boosted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a "neutral" rating in a research note on Monday, November 11th. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, November 12th. Finally, Canaccord Genuity Group dropped their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $3.63.

Pacific Biosciences of California Stock Performance

PACB traded down $0.00 during midday trading on Monday, reaching $1.59. The company's stock had a trading volume of 8,663,330 shares, compared to its average volume of 9,642,472. Pacific Biosciences of California has a twelve month low of $1.16 and a twelve month high of $10.65. The stock has a market cap of $435.46 million, a P/E ratio of -1.09 and a beta of 2.01. The company has a fifty day simple moving average of $1.92 and a 200 day simple moving average of $1.77. The company has a current ratio of 9.74, a quick ratio of 7.14 and a debt-to-equity ratio of 1.97.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Kennedy Capital Management LLC bought a new stake in Pacific Biosciences of California during the 1st quarter valued at approximately $64,000. Atom Investors LP bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth approximately $30,000. Water Island Capital LLC boosted its position in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 9,537 shares in the last quarter. Simplicity Wealth LLC bought a new stake in shares of Pacific Biosciences of California in the 2nd quarter worth approximately $29,000. Finally, SG Americas Securities LLC purchased a new position in Pacific Biosciences of California in the 1st quarter worth approximately $80,000.

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.