Cantor Fitzgerald Downgrades Pacific Biosciences of California (NASDAQ:PACB) to Neutral

Cantor Fitzgerald cut shares of Pacific Biosciences of California (NASDAQ:PACBGet Rating) from an overweight rating to a neutral rating in a report released on Friday morning, The Fly reports. They currently have $12.00 price objective on the biotechnology company’s stock. The analysts noted that the move was a valuation call.

Several other research firms have also weighed in on PACB. Canaccord Genuity Group lifted their target price on shares of Pacific Biosciences of California from $12.00 to $14.00 in a report on Wednesday, November 16th. Scotiabank assumed coverage on shares of Pacific Biosciences of California in a report on Wednesday, January 4th. They set a sector outperform rating and a $12.00 target price for the company. Finally, Piper Sandler boosted their price target on shares of Pacific Biosciences of California from $6.00 to $11.00 in a report on Wednesday, November 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $16.17.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $11.29 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 11.19 and a quick ratio of 10.66. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -8.43 and a beta of 1.59. The company has a 50 day moving average price of $9.73 and a 200-day moving average price of $7.53. Pacific Biosciences of California has a 1-year low of $3.85 and a 1-year high of $14.20.

Pacific Biosciences of California (NASDAQ:PACBGet Rating) last posted its earnings results on Monday, November 7th. The biotechnology company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03. The firm had revenue of $32.31 million during the quarter, compared to analyst estimates of $35.30 million. Pacific Biosciences of California had a negative net margin of 218.44% and a negative return on equity of 42.03%. Equities research analysts forecast that Pacific Biosciences of California will post -1.37 EPS for the current year.

Insider Buying and Selling

In related news, insider Christian O. Henry sold 45,000 shares of the business’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $10.84, for a total value of $487,800.00. Following the completion of the sale, the insider now owns 643,551 shares of the company’s stock, valued at approximately $6,976,092.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Pacific Biosciences of California news, insider Christian O. Henry sold 45,000 shares of Pacific Biosciences of California stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $10.84, for a total transaction of $487,800.00. Following the sale, the insider now owns 643,551 shares of the company’s stock, valued at approximately $6,976,092.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Oene Mark Van sold 26,722 shares of Pacific Biosciences of California stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total transaction of $254,660.66. Following the sale, the insider now directly owns 640,808 shares in the company, valued at approximately $6,106,900.24. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PACB. JPMorgan Chase & Co. boosted its position in shares of Pacific Biosciences of California by 280.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,015,819 shares of the biotechnology company’s stock valued at $9,244,000 after acquiring an additional 748,630 shares during the last quarter. US Bancorp DE lifted its position in Pacific Biosciences of California by 10.6% in the first quarter. US Bancorp DE now owns 25,761 shares of the biotechnology company’s stock valued at $234,000 after buying an additional 2,469 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in Pacific Biosciences of California in the first quarter valued at about $286,000. MetLife Investment Management LLC lifted its position in Pacific Biosciences of California by 50.1% in the first quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock valued at $946,000 after buying an additional 34,699 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in Pacific Biosciences of California by 25.8% in the first quarter. Vontobel Holding Ltd. now owns 115,645 shares of the biotechnology company’s stock valued at $1,116,000 after buying an additional 23,693 shares during the last quarter. Institutional investors and hedge funds own 92.88% of the company’s stock.

About Pacific Biosciences of California

(Get Rating)

Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.

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