Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up – Time to Buy?

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) gapped up before the market opened on Friday . The stock had previously closed at $1.87, but opened at $1.95. Pacific Biosciences of California shares last traded at $1.9150, with a volume of 1,343,548 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PACB. Barclays boosted their target price on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Stephens raised their price target on shares of Pacific Biosciences of California from $1.80 to $2.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Piper Sandler upped their price objective on shares of Pacific Biosciences of California from $1.50 to $2.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of “Hold” and an average price target of $2.08.

Pacific Biosciences of California Price Performance

The company has a quick ratio of 5.40, a current ratio of 6.24 and a debt-to-equity ratio of 17.88. The company’s 50-day moving average is $2.03 and its 200-day moving average is $1.62. The stock has a market cap of $572.12 million, a price-to-earnings ratio of -0.87 and a beta of 2.20.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) EPS for the quarter. The business had revenue of $3.34 million during the quarter. Pacific Biosciences of California had a negative return on equity of 101.49% and a negative net margin of 325.02%. Equities research analysts expect that Pacific Biosciences of California, Inc. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jump Financial LLC bought a new position in Pacific Biosciences of California during the 1st quarter worth approximately $25,000. Zacks Investment Management acquired a new stake in Pacific Biosciences of California in the third quarter worth $25,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pacific Biosciences of California by 891.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 20,478 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Pacific Biosciences of California during the third quarter worth $29,000. Finally, Cim Investment Management Inc. grew its holdings in shares of Pacific Biosciences of California by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 25,550 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 12,822 shares during the period.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.