Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $2.50 by Analysts at TD Cowen

Pacific Biosciences of California (NASDAQ:PACB) had its price objective dropped by equities researchers at TD Cowen from $12.00 to $2.50 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price target would indicate a potential upside of 78.57% from the company’s current price.

Several other analysts have also recently issued reports on PACB. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Wednesday, March 20th. UBS Group lowered their price target on 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. Barclays lowered their price target on Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group lowered their price target on Pacific Biosciences of California from $9.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Moderate Buy” and a consensus target price of $9.05.

Pacific Biosciences of California Price Performance

Shares of PACB stock remained flat at $1.40 during trading hours on Wednesday. The stock had a trading volume of 35,124,315 shares, compared to its average volume of 9,570,421. The business’s fifty day moving average price is $4.46 and its 200 day moving average price is $6.73. Pacific Biosciences of California has a twelve month low of $1.25 and a twelve month high of $14.55. The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $375.13 million, a price-to-earnings ratio of -1.15 and a beta of 1.83.

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

Insider Buying and Selling at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the sale, the insider now owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the sale, the insider now owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David W. Meline bought 40,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The disclosure for this purchase can be found here. Insiders have sold 37,359 shares of company stock valued at $218,843 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fairfield Bush & CO. acquired a new position in Pacific Biosciences of California during the second quarter worth approximately $27,000. KBC Group NV acquired a new position in Pacific Biosciences of California during the fourth quarter worth approximately $53,000. Comerica Bank acquired a new position in Pacific Biosciences of California during the third quarter worth approximately $46,000. Captrust Financial Advisors increased its position in Pacific Biosciences of California by 217.2% during the second quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock worth $27,000 after buying an additional 4,220 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Pacific Biosciences of California during the third quarter worth approximately $59,000.

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.