Piper Sandler Issues Positive Forecast for Pacific Biosciences of California (NASDAQ:PACB) Stock Price

Pacific Biosciences of California (NASDAQ:PACB) had its price target lifted by Piper Sandler from $1.25 to $1.50 in a research report report published on Monday,Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

PACB has been the topic of several other research reports. Wall Street Zen upgraded Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Saturday. Barclays cut their price target on Pacific Biosciences of California from $2.00 to $1.50 and set an “equal weight” rating on the stock in a report on Wednesday, June 25th. Finally, Stephens reiterated an “overweight” rating and issued a $1.80 price target on shares of Pacific Biosciences of California in a report on Thursday, May 15th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $1.91.

Pacific Biosciences of California Stock Down 6.7%

Shares of NASDAQ:PACB opened at $1.26 on Monday. The business’s 50 day simple moving average is $1.36 and its two-hundred day simple moving average is $1.31. The firm has a market cap of $378.47 million, a P/E ratio of -0.55 and a beta of 2.17. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. Pacific Biosciences of California has a 52-week low of $0.85 and a 52-week high of $2.72.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.05. The business had revenue of $39.77 million for the quarter, compared to analyst estimates of $36.35 million. Pacific Biosciences of California had a negative return on equity of 66.75% and a negative net margin of 336.40%. As a group, research analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of PACB. Jump Financial LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at approximately $25,000. Sandbox Financial Partners LLC purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at approximately $32,000. Hartline Investment Corp purchased a new stake in shares of Pacific Biosciences of California during the first quarter valued at approximately $37,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Pacific Biosciences of California by 47.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,113 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 9,739 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $42,000.

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.