Pacific Biosciences of California (PACB) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other equities analysts have also issued reports on PACB. Cantor Fitzgerald set a $8.00 price target on Pacific Biosciences of California and gave the stock a buy rating in a report on Thursday, October 11th. Zacks Investment Research lowered Pacific Biosciences of California from a buy rating to a hold rating in a report on Monday, August 6th. Piper Jaffray Companies reissued a hold rating and set a $3.80 price target on shares of Pacific Biosciences of California in a report on Friday, August 3rd. Cowen initiated coverage on Pacific Biosciences of California in a report on Friday, October 19th. They set an outperform rating and a $6.50 price target on the stock. Finally, ValuEngine raised Pacific Biosciences of California from a buy rating to a strong-buy rating in a report on Friday, November 2nd. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $5.64.

Shares of PACB stock opened at $7.62 on Friday. The stock has a market cap of $997.48 million, a price-to-earnings ratio of -8.76 and a beta of 2.45. Pacific Biosciences of California has a 1 year low of $2.02 and a 1 year high of $7.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.28 and a current ratio of 4.33.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, November 1st. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.04). The firm had revenue of $18.16 million for the quarter, compared to analysts’ expectations of $22.39 million. Pacific Biosciences of California had a negative return on equity of 101.19% and a negative net margin of 110.10%. The business’s revenue for the quarter was down 22.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.19) EPS. Analysts predict that Pacific Biosciences of California will post -0.67 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Pacific Biosciences of California by 9.7% during the second quarter. BlackRock Inc. now owns 9,642,174 shares of the biotechnology company’s stock worth $34,230,000 after buying an additional 849,435 shares during the last quarter. ARK Investment Management LLC grew its holdings in shares of Pacific Biosciences of California by 47.5% during the second quarter. ARK Investment Management LLC now owns 6,321,293 shares of the biotechnology company’s stock worth $22,441,000 after buying an additional 2,036,596 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Pacific Biosciences of California by 38.1% during the second quarter. Point72 Asset Management L.P. now owns 2,900,000 shares of the biotechnology company’s stock worth $10,295,000 after buying an additional 800,000 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Pacific Biosciences of California by 10.6% during the second quarter. Northern Trust Corp now owns 1,463,230 shares of the biotechnology company’s stock worth $5,195,000 after buying an additional 140,090 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Pacific Biosciences of California by 18.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 614,288 shares of the biotechnology company’s stock worth $2,181,000 after buying an additional 95,551 shares during the last quarter. 70.62% of the stock is currently owned by hedge funds and other institutional investors.

About Pacific Biosciences of California

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.

See Also: Cost of Capital Explained

Receive News & Ratings for Pacific Biosciences of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply