Pacific Biosciences of California (NASDAQ:PACB) Receives $8.00 Average Price Target from Brokerages

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Shares of Pacific Biosciences of California (NASDAQ:PACB) have been assigned a consensus rating of “Hold” from the seven research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $8.00.

A number of research firms have recently commented on PACB. BidaskClub cut Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 29th. ValuEngine raised Pacific Biosciences of California from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 17th. Finally, Piper Jaffray Companies raised Pacific Biosciences of California from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, October 15th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $28,000. Point72 Hong Kong Ltd purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $37,000. Quest Capital Management Inc. ADV purchased a new stake in shares of Pacific Biosciences of California during the third quarter valued at $39,000. FNY Investment Advisers LLC boosted its position in shares of Pacific Biosciences of California by 211.1% during the second quarter. FNY Investment Advisers LLC now owns 11,200 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 7,600 shares during the last quarter. Finally, Clean Yield Group boosted its position in shares of Pacific Biosciences of California by 160.0% during the third quarter. Clean Yield Group now owns 13,000 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 8,000 shares during the last quarter. 70.19% of the stock is currently owned by hedge funds and other institutional investors.

PACB stock traded up $0.06 during midday trading on Friday, hitting $4.90. The company had a trading volume of 1,309,400 shares, compared to its average volume of 1,745,939. Pacific Biosciences of California has a 52 week low of $4.54 and a 52 week high of $7.84. The stock has a market cap of $740.35 million, a price-to-earnings ratio of -6.45 and a beta of 1.68. The stock’s 50 day moving average price is $5.19 and its 200 day moving average price is $6.03. The company has a current ratio of 2.00, a quick ratio of 1.65 and a debt-to-equity ratio of 0.58.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). Pacific Biosciences of California had a negative return on equity of 106.36% and a negative net margin of 140.68%. The firm had revenue of $24.62 million for the quarter, compared to analysts’ expectations of $22.27 million. Analysts predict that Pacific Biosciences of California will post -0.65 earnings per share for the current year.

Pacific Biosciences of California Company Profile

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.

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