Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $1.83 Average PT from Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given an average recommendation of “Reduce” by the five research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $1.8333.

PACB has been the subject of several analyst reports. Zacks Research lowered shares of Pacific Biosciences of California from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Barclays boosted their price target on Pacific Biosciences of California from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Tuesday, April 21st.

Insider Transactions at Pacific Biosciences of California

In other news, insider Christian O. Henry sold 140,874 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $1.63, for a total transaction of $229,624.62. Following the completion of the sale, the insider owned 2,673,500 shares of the company’s stock, valued at $4,357,805. This trade represents a 5.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Oene Mark Van sold 55,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $1.63, for a total transaction of $89,824.41. Following the sale, the insider directly owned 1,742,638 shares of the company’s stock, valued at approximately $2,840,499.94. This trade represents a 3.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 729,711 shares of company stock valued at $1,161,951 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Institutional Trading of Pacific Biosciences of California

Large investors have recently modified their holdings of the stock. Outlook Wealth Advisors LLC acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter worth approximately $34,000. Cibc World Markets Corp acquired a new stake in Pacific Biosciences of California in the 4th quarter valued at $34,000. Zacks Investment Management acquired a new stake in Pacific Biosciences of California in the 3rd quarter valued at $25,000. Mercer Global Advisors Inc. ADV grew its position in Pacific Biosciences of California by 47.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,663 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 6,695 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in Pacific Biosciences of California in the 4th quarter valued at $40,000.

Pacific Biosciences of California Stock Performance

Pacific Biosciences of California stock opened at $1.12 on Wednesday. Pacific Biosciences of California has a 52-week low of $0.85 and a 52-week high of $2.73. The firm has a 50 day moving average price of $1.44 and a two-hundred day moving average price of $1.81. The firm has a market cap of $347.87 million, a price-to-earnings ratio of -2.60 and a beta of 2.40.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. Pacific Biosciences of California had a negative net margin of 80.35% and a negative return on equity of 571.06%. The firm had revenue of $37.18 million during the quarter, compared to analyst estimates of $39.94 million. As a group, equities research analysts predict that Pacific Biosciences of California will post -0.5 EPS for the current fiscal year.

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.