Barclays Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.50

Pacific Biosciences of California (NASDAQ:PACB) had its price objective cut by Barclays from $2.00 to $1.50 in a report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

Several other research firms have also issued reports on PACB. Wall Street Zen raised shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. Stephens reaffirmed an “overweight” rating and set a $1.80 price target on shares of Pacific Biosciences of California in a research report on Thursday, May 15th. Scotiabank dropped their price target on shares of Pacific Biosciences of California from $6.00 to $2.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, March 25th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $3.00 price target on shares of Pacific Biosciences of California in a research report on Thursday, April 10th. Finally, Piper Sandler decreased their price objective on shares of Pacific Biosciences of California from $2.00 to $1.25 and set a “neutral” rating on the stock in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.06.

Pacific Biosciences of California Stock Performance

NASDAQ PACB opened at $1.29 on Wednesday. The company has a current ratio of 6.68, a quick ratio of 5.87 and a debt-to-equity ratio of 7.05. The firm’s fifty day moving average price is $1.12 and its two-hundred day moving average price is $1.41. Pacific Biosciences of California has a 1 year low of $0.85 and a 1 year high of $2.72. The firm has a market capitalization of $387.10 million, a P/E ratio of -0.46 and a beta of 2.10.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.04. Pacific Biosciences of California had a negative net margin of 430.93% and a negative return on equity of 52.07%. The firm had revenue of $37.15 million for the quarter, compared to analyst estimates of $36.90 million. During the same period in the prior year, the firm posted ($0.26) earnings per share. As a group, research analysts anticipate that Pacific Biosciences of California will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently modified their holdings of PACB. Sanctuary Advisors LLC grew its stake in shares of Pacific Biosciences of California by 218.3% in the fourth quarter. Sanctuary Advisors LLC now owns 35,457 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 24,318 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Pacific Biosciences of California by 299.2% in the fourth quarter. New York State Common Retirement Fund now owns 84,725 shares of the biotechnology company’s stock valued at $155,000 after acquiring an additional 63,500 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Pacific Biosciences of California by 24.0% in the fourth quarter. IFP Advisors Inc now owns 201,585 shares of the biotechnology company’s stock valued at $369,000 after acquiring an additional 38,984 shares in the last quarter. ARK Investment Management LLC grew its stake in shares of Pacific Biosciences of California by 7.9% in 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 acquiring an additional 2,637,961 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Pacific Biosciences of California by 6.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,176,252 shares of the biotechnology company’s stock valued at $3,983,000 after acquiring an additional 135,949 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.