Pacific Biosciences of California (NASDAQ:PACB) Given "Neutral" Rating at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Pacific Biosciences of California (NASDAQ:PACB - Free Report) in a research report report published on Thursday,Benzinga reports. The firm currently has a $2.00 price target on the biotechnology company's stock, down from their prior price target of $2.50.

A number of other research analysts have also weighed in on PACB. UBS Group lowered Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price objective for the company. in a research report on Monday, November 11th. Scotiabank reduced their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating for the company in a research report on Monday, November 11th. Stephens reaffirmed an "overweight" rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a research report on Friday, February 14th. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Friday, February 14th. Finally, The Goldman Sachs Group cut their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Pacific Biosciences of California currently has an average rating of "Hold" and an average target price of $2.79.

Pacific Biosciences of California Trading Down 6.1 %

PACB stock traded down $0.10 during trading on Thursday, hitting $1.54. 13,051,555 shares of the company traded hands, compared to its average volume of 13,035,497. The firm has a market capitalization of $421.75 million, a PE ratio of -0.94 and a beta of 1.92. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $6.09. The company has a 50-day moving average of $1.76 and a 200-day moving average of $1.79. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The business had revenue of $39.22 million during the quarter, compared to analysts' expectations of $39.20 million. During the same quarter last year, the business posted ($0.27) EPS. Analysts predict that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the transaction, the insider now directly owns 1,597,454 shares in the company, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total value of $45,776.12. Following the transaction, the insider now owns 187,592 shares in the company, valued at $352,672.96. This trade represents a 11.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of PACB. Softbank Group CORP. purchased a new position in Pacific Biosciences of California during the fourth quarter valued at $37,426,000. Millennium Management LLC lifted its position in Pacific Biosciences of California by 66.9% during the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company's stock valued at $31,230,000 after purchasing an additional 6,840,953 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in Pacific Biosciences of California during the fourth quarter valued at $8,962,000. ARK Investment Management LLC lifted its position in Pacific Biosciences of California by 7.9% during the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company's stock valued at $65,961,000 after purchasing an additional 2,637,961 shares in the last quarter. Finally, Koss Olinger Consulting LLC lifted its position in Pacific Biosciences of California by 150.0% during the fourth quarter. Koss Olinger Consulting LLC now owns 2,000,000 shares of the biotechnology company's stock valued at $3,660,000 after purchasing an additional 1,200,000 shares in the last quarter.

Pacific Biosciences of California Company Profile

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.