The Goldman Sachs Group Cuts Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.50

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its target price reduced by stock analysts at The Goldman Sachs Group from $1.75 to $1.50 in a report released on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the biotechnology company's stock. The Goldman Sachs Group's price target points to a potential downside of 2.60% from the stock's current price.

Several other research firms have also issued reports on PACB. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a "neutral" rating in a research report on Monday, November 11th. Stephens reissued an "overweight" rating and issued a $2.50 price target on shares of Pacific Biosciences of California in a research note on Friday, February 14th. UBS Group downgraded shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target for the company. in a research note on Monday, November 11th. Scotiabank decreased their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating for the company in a research note on Monday, November 11th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Pacific Biosciences of California has a consensus rating of "Hold" and an average target price of $2.79.

Pacific Biosciences of California Trading Down 6.1 %

PACB traded down $0.10 during midday trading on Tuesday, hitting $1.54. 13,022,554 shares of the company were exchanged, compared to its average volume of 13,003,470. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $6.09. The firm has a market capitalization of $421.74 million, a P/E ratio of -0.94 and a beta of 1.92. The firm's 50 day moving average price is $1.77 and its 200-day moving average price is $1.79. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last announced its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates 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 firm had revenue of $39.22 million for the quarter, compared to the consensus estimate of $39.20 million. During the same quarter in the previous year, the business earned ($0.27) EPS. As a group, equities analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds have recently modified their holdings of PACB. Creative Planning raised its position in shares of Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company's stock valued at $55,000 after buying an additional 7,629 shares during the last quarter. Impact Partnership Wealth LLC raised its stake in Pacific Biosciences of California by 44.7% during the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company's stock worth $67,000 after purchasing an additional 12,093 shares during the period. Ballentine Partners LLC purchased a new position in Pacific Biosciences of California during the third quarter worth about $43,000. Carret Asset Management LLC raised its stake in Pacific Biosciences of California by 110.1% during the third quarter. Carret Asset Management LLC now owns 163,000 shares of the biotechnology company's stock worth $277,000 after purchasing an additional 85,400 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in Pacific Biosciences of California by 60.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the biotechnology company's stock worth $92,000 after purchasing an additional 20,417 shares during the period.

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.