Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $4.50 Average Price Target from Analysts

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fifteen analysts that are currently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $4.50.

PACB has been the topic of several research reports. StockNews.com raised Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, August 13th. Jefferies Financial Group started coverage on Pacific Biosciences of California in a research note on Monday, June 3rd. They set a "buy" rating and a $4.00 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Scotiabank decreased their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 28th. Finally, Canaccord Genuity Group decreased their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating for the company in a research note on Thursday, August 8th.

Pacific Biosciences of California Stock Down 10.5 %

PACB stock traded down $0.22 during midday trading on Friday, reaching $1.83. The company had a trading volume of 11,132,660 shares, compared to its average volume of 9,669,314. The company has a market capitalization of $497.05 million, a P/E ratio of -1.61 and a beta of 2.03. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $10.65. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The company has a 50 day moving average of $1.68 and a two-hundred day moving average of $2.13.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last issued its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.04. Pacific Biosciences of California had a negative return on equity of 40.98% and a negative net margin of 211.99%. The company had revenue of $36.01 million for the quarter, compared to analyst estimates of $40.52 million. On average, equities research analysts expect that Pacific Biosciences of California will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the transaction, the insider now owns 869,730 shares of the company's stock, valued at $1,382,870.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Jeff Eidel sold 26,760 shares of the business's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the sale, the insider now directly owns 869,730 shares in the company, valued at $1,382,870.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $1.66, for a total value of $63,098.26. Following the sale, the insider now owns 1,630,815 shares in the company, valued at $2,707,152.90. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of PACB. Water Island Capital LLC raised its position in 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 valued at $27,000 after buying an additional 9,537 shares during the last quarter. Simplicity Wealth LLC purchased a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at about $29,000. Headlands Technologies LLC purchased a new stake in shares of Pacific Biosciences of California in the 1st quarter valued at about $32,000. Impact Partnership Wealth LLC bought a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $37,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Pacific Biosciences of California in the 1st quarter worth approximately $38,000.

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.