Pacific Biosciences of California (NASDAQ:PACB) Upgraded at UBS Group

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by analysts at UBS Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has a $10.00 price target on the biotechnology company’s stock, down from their prior price target of $13.00. UBS Group’s price objective would indicate a potential upside of 31.75% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Piper Sandler reduced their price target on shares of Pacific Biosciences of California from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, November 6th. Sanford C. Bernstein initiated coverage on shares of Pacific Biosciences of California in a research report on Thursday, September 28th. They issued an “outperform” rating and a $11.00 price objective on the stock. Canaccord Genuity Group decreased their price objective on shares of Pacific Biosciences of California from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, October 31st. Morgan Stanley dropped their target price on Pacific Biosciences of California from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 24th. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.80.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $7.59 on Friday. The company’s 50-day moving average is $8.11 and its two-hundred day moving average is $10.89. Pacific Biosciences of California has a 1-year low of $5.74 and a 1-year high of $14.55. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.80 and a quick ratio of 4.43. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -5.98 and a beta of 1.72.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Monday, October 30th. The biotechnology company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. The firm had revenue of $55.70 million for the quarter, compared to analysts’ expectations of $48.76 million. Pacific Biosciences of California had a negative return on equity of 43.39% and a negative net margin of 182.34%. The firm’s quarterly revenue was up 72.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.32) earnings per share. Analysts forecast that Pacific Biosciences of California will post -1.18 EPS for the current year.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Susan G. Kim sold 19,257 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $8.44, for a total transaction of $162,529.08. Following the transaction, the insider now directly owns 306,085 shares of the company’s stock, valued at approximately $2,583,357.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Christian O. Henry sold 96,844 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $10.12, for a total transaction of $980,061.28. Following the completion of the sale, the insider now owns 1,106,095 shares in the company, valued at $11,193,681.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Susan G. Kim sold 19,257 shares of Pacific Biosciences of California stock in a transaction on Friday, September 29th. The shares were sold at an average price of $8.44, for a total transaction of $162,529.08. Following the completion of the transaction, the insider now owns 306,085 shares in the company, valued at $2,583,357.40. The disclosure for this sale can be found here. Insiders sold a total of 126,101 shares of company stock worth $1,247,090 in the last 90 days. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of large investors have recently bought and sold shares of PACB. JPMorgan Chase & Co. increased its stake in shares of Pacific Biosciences of California by 280.2% during the first quarter. JPMorgan Chase & Co. now owns 1,015,819 shares of the biotechnology company’s stock worth $9,244,000 after acquiring an additional 748,630 shares during the period. US Bancorp DE boosted its holdings in Pacific Biosciences of California by 10.6% in the 1st quarter. US Bancorp DE now owns 25,761 shares of the biotechnology company’s stock valued at $234,000 after purchasing an additional 2,469 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new position in Pacific Biosciences of California during the 1st quarter worth approximately $286,000. MetLife Investment Management LLC raised its stake in shares of Pacific Biosciences of California by 50.1% during the 1st quarter. MetLife Investment Management LLC now owns 103,966 shares of the biotechnology company’s stock worth $946,000 after buying an additional 34,699 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Pacific Biosciences of California by 25.8% in the 1st 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 period.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.