TD Cowen Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $2.50

Pacific Biosciences of California (NASDAQ:PACB) had its price objective reduced by stock analysts at TD Cowen from $12.00 to $2.50 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price objective would indicate a potential upside of 71.23% from the stock’s current price.

Several other equities analysts have also commented on the stock. The Goldman Sachs Group lowered their price target on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. Barclays lowered their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Wednesday, March 20th. Finally, UBS Group reduced their price objective on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a “buy” rating for the company in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.77.

Pacific Biosciences of California Trading Up 4.3 %

Pacific Biosciences of California stock opened at $1.46 on Wednesday. The company has a 50-day simple moving average of $4.25 and a 200-day simple moving average of $6.65. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. Pacific Biosciences of California has a one year low of $1.25 and a one year high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. The business had revenue of $58.36 million during the quarter, compared to analyst estimates of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The company’s quarterly revenue was up 113.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. On average, sell-side analysts forecast that Pacific Biosciences of California will post -1.01 EPS for the current year.

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California news, Director David W. Meline purchased 40,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was bought at an average cost of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at $176,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Pacific Biosciences of California news, Director David W. Meline purchased 40,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was bought at an average cost of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at $176,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company’s stock, valued at $5,224,601.56. The disclosure for this sale can be found here. In the last three months, insiders sold 37,359 shares of company stock valued at $218,843. 1.90% of the stock is owned by insiders.

Institutional Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC raised its holdings in Pacific Biosciences of California by 15.7% during the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock worth $338,487,000 after buying an additional 4,681,833 shares during the period. Vanguard Group Inc. raised its holdings in Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock worth $262,806,000 after buying an additional 3,514,792 shares during the period. BlackRock Inc. raised its holdings in Pacific Biosciences of California by 3.1% during the 2nd quarter. BlackRock Inc. now owns 20,822,903 shares of the biotechnology company’s stock worth $276,945,000 after buying an additional 621,003 shares during the period. Capital International Investors raised its holdings in Pacific Biosciences of California by 5.6% during the 1st quarter. Capital International Investors now owns 12,781,855 shares of the biotechnology company’s stock worth $116,315,000 after buying an additional 675,537 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Pacific Biosciences of California by 68.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company’s stock valued at $45,456,000 after purchasing an additional 4,179,997 shares during the period.

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.