Pacific Biosciences of California (NASDAQ:PACB) Lifted to “Overweight” at Piper Jaffray Companies

Piper Jaffray Companies upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a neutral rating to an overweight rating in a report issued on Tuesday morning, BenzingaRatingsTable reports. Piper Jaffray Companies currently has $8.00 target price on the biotechnology company’s stock.

Other analysts also recently issued research reports about the company. Cantor Fitzgerald set a $8.00 price target on Pacific Biosciences of California and gave the company a hold rating in a research note on Thursday, June 20th. ValuEngine downgraded Pacific Biosciences of California from a sell rating to a strong sell rating in a research note on Thursday, October 10th. Finally, BidaskClub downgraded Pacific Biosciences of California from a hold rating to a sell rating in a research note on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $7.63.

PACB opened at $5.39 on Tuesday. The business’s 50-day moving average price is $5.36 and its two-hundred day moving average price is $6.22. Pacific Biosciences of California has a 1 year low of $3.90 and a 1 year high of $7.84. The company has a market capitalization of $785.47 million, a price-to-earnings ratio of -7.09 and a beta of 1.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.00 and a quick ratio of 1.65.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.16). Pacific Biosciences of California had a negative return on equity of 106.36% and a negative net margin of 140.68%. The firm had revenue of $24.62 million for the quarter, compared to the consensus estimate of $22.27 million. Sell-side analysts anticipate that Pacific Biosciences of California will post -0.64 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Pacific Biosciences of California by 5.0% in the second quarter. BlackRock Inc. now owns 11,698,356 shares of the biotechnology company’s stock valued at $70,776,000 after acquiring an additional 559,753 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Pacific Biosciences of California by 0.7% in the second quarter. Vanguard Group Inc. now owns 7,666,529 shares of the biotechnology company’s stock valued at $46,382,000 after acquiring an additional 55,322 shares during the last quarter. ARP Americas LP increased its position in shares of Pacific Biosciences of California by 40.6% in the second quarter. ARP Americas LP now owns 4,382,622 shares of the biotechnology company’s stock valued at $26,515,000 after acquiring an additional 1,264,990 shares during the last quarter. Water Island Capital LLC increased its position in shares of Pacific Biosciences of California by 7.0% in the second quarter. Water Island Capital LLC now owns 3,878,336 shares of the biotechnology company’s stock valued at $23,464,000 after acquiring an additional 254,659 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Pacific Biosciences of California by 0.8% in the second quarter. Northern Trust Corp now owns 1,756,595 shares of the biotechnology company’s stock valued at $10,627,000 after acquiring an additional 13,290 shares during the last quarter. 69.69% of the stock is currently owned by institutional investors and hedge funds.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

Further Reading: Gross Domestic Product (GDP)

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